THE FIRM behind fashion label SuperDry says it will take “a number of years” to complete its financial turnaround despite good progress on a restructuring plan and improving sales of its clothing.
SuperGroup yesterday announced a pre-tax profits slump of more than 30% during the six months to the end of October, despite encouraging signs among high street shoppers.
The clothing retailer’s stores, which include sites in Dundee and St Andrews, saw revenues climb by 26.4% to £92.4 million during the first half while wholesale operations also grew sales, by 4.4% to £65.8m.
Like-for-like retail growth rose by 3.9%, but the addition of dozens more franchise and licensed stores across the world helped boost the group’s top line.
Total group revenue was up 16% in the period, but pre-tax returns slid to £13.9m from £20.3m last time around.
Chief executive Julian Dunkerton, who founded the firm 27 years ago as a market-stall trader in Essex, said his firm had strengthened its brand and design in a “challenging and volatile” market.
“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,” he said.
“International sales have again been strong and represent a substantial opportunity as the brand gains acceptance globally.”
SuperGroup has seen a string of boardroom changes recently, as the beleaguered chain stages a fightback.
Results for the last full financial year showed a 14.7% drop in profits, which the firm than admitted was largely down to problems of its own making.
Shares in the firm closed down 6.62% at 557.00.
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