SuperGroup first half-profits jump as it pushes ahead with overseas expansion

Retail like-for-likes grew 3.9% while sales in the division jumped 26.4%.

Group sales increased 16.2% to £158.2m over the period, while group gross margin edged up 90 basis points due to falling cotton prices and SuperGroup negotiating better supplier terms.

SuperGroup, which operates Superdry, pushed ahead with international expansion over the period with the opening of 37 franchise and licensed stores, including its first in India.

It also launched websites in Canada, Switzerland, Spain and Italy.

Online sales now represent 10.2% of overall sales, compared with 8.2% over the same period last year.

SuperGroup chief executive Julian Dunkerton said the performance was “encouraging” in light of the “challenging and volatile” trading environment.

He said: “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.

“International sales have again been strong and represent a substantial opportunity as the brand gains acceptance globally.”

Dunkerton said good progress is being made but the infrastructure upgrades “will take a number of years to deliver”.

He said: “The economic outlook remains uncertain but I am confident in our strategy and our ability to maximise the opportunities we have in the UK and internationally and deliver our full-year profit targets.”