SuperGroup chief allays investor worry

The meeting followed a period of pressure on SuperGroup’s shares as some investors questioned the longevity of its Superdry brand and sales momentum.

SuperGroup reported that retail sales have improved in the past three weeks and are running at about the same level as in the fourth quarter, when they rose 39%.

The retailer confirmed it has exchanged contracts to open a flagship Regent Street store in the premises occupied at present by Austin Reed.

Chief executive and founder Julian Dunkerton said: “The potential for our brand remains, both in the UK and internationally, where we see untapped capacity and the CNC [former franchise business] acquisition is proving critical in helping us accelerate our growth.

We have clear visibility in our roll-out programme for the first half and remain confident of delivering our target store openings this year. We remain positive about the outlook and the development of the group in the current year.”

SuperGroup aims to open on Regent Street towards the end of its financial year. Arden analyst Nick Bubb said: “The pick-up in UK trading over the past month is evidence that the brand is not dead.”

Numis analyst Andy Wade said: “International is going to be huge. It was suggested that Europe alone offered the opportunity for over 1,000 franchise outlets.”