SuperGroup's Profits Up After Sales Boost
The owner of the SuperDry fashion brand has reported an increase in profits, as a broader product range boosted sales.
SuperGroup - whose products are favoured by celebrities including David Beckham and Pippa Middleton - said pre-tax profit over the 26 weeks to October 28 was up 13% to £14.7m.
Sales of its trademark t-shirts, hoodies and jackets, among other clothing products, were up 3.9% at UK stores open for over a year, while revenue at the group increased by over 16% to £158.2m.
The retailer's chief executive, Julian Dunkerton, said the company's recent investment was starting to pay off.
"Although the trading environment has remained challenging and volatile, the group's sales performance in the first half of the year has been encouraging," he said in a statement.
"There have been a number of positive factors that have supported this performance but it is clear that the ongoing investment in design and the growing presence of the brand have enhanced sales both in the UK and overseas."
The results come after an overhaul of the group's management structure following a series of profit warnings in 2011.
"Good progress is being made but the full infrastructure upgrades, and the associated benefits, will take a number of years to deliver," Mr Dunkerton added.
He said that despite global economic uncertainty, he remained confident that company could meets its full-year profit targets.
Since SuperGroup listed on the stock market in 2010, its shares have rocketed from 500p to a high of 1,899p in early 2011.
Its share price fell dramatically last year after a string of management mistakes led to stock availability issues and "arithmetic errors", before beginning to recover this summer.