Fashion specialist SuperGroup, owner of the ultra-trendy Superdry brand, posted a 60% rise in sales for the three months to August 1.

Group sales were £32.8m in the first quarter, when retail sales leapt 62.7% to £22.3m and wholesale sales climbed 53.9% to £10.5m.

“Group trading is on track to deliver another successful year,” the company reported.

The continued roll-out of Cult and Superdry stores in the UK, with five new openings in the quarter, including the largest to date at Lakeside, helped lift retail sales. The retailer now has 49 stores and 64 concessions in the UK and has continued to expand internationally. The first franchise in the Middle East will open soon in Dubai.

Singer analyst Mark Photiades rates SuperGroup fair value and has a target price of 940p. He said: “At current levels […] we feel the shares are probably up with events.”

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