British SuperGroup, Superdry's parent company, finally got back on track after a rather abysmal run. Its latest results saw yearly turnover grow 13 %, mostly thanks to the excellent results of SuperdryStore's retail activities.
SuperdryStores at full speed
After a series of profit alerts, accounting errors and board changes, SuperGroup seems to be in full swing again: the fashion group ended its broken fiscal year, which ran until 25 April, with a 486.6 million pound (680 million euro) turnover, up 12.9 %. The bulk of that turnover comes from SuperdryStores, the 221 boutiques the company owns since buying back the American license. Their turnover grew 17 % (+ 4.8 % on a like-for-like basis), while wholesale activities added nearly 5 % and represents 31 % of the group's total turnover.
Underlying profit (excluding one-time income and costs) grew 2 % to 63.2 million pounds (nearly 90 million euro), which is right in the middle of the 60-65 million pound forecast management put forth at the start of May.
To China with joint venture
Meanwhile, the group has major expansion plans again: SuperGroup wants to get a hold of Austria, Italy, Spain and Poland while it wants to expand in Germany as well. It has already opened 18 German stores since 2012, but it craves even more as the goal is 50 stores in the next five years.
CEO Euan Sutherland, who succeeded Julian Dunkerton in October 2014, also announced a 10-year joint venture with Trendy International Group to conquer the Chinese market. The very first Chinese store should open within the next 12 months.