Sales rise as Superdry defies heat
SUPERDRY sales rose in the first half despite a run of hot weather hitting demand for its signature winter clothing.
Group revenue rose 3.1 per cent to £414.6 million in the 26 weeks to October 27, driven by wholesale and online growth, while in-store sales declined.
But the Cheltenham-based company warned its performance would be heavily influenced by second-half sales, which could be negatively affected if the temperature in key markets remains high.
“We have not yet seen a sustained period of seasonally typical weather,” the group said.
During the period, the amount of retail space grew by 9.4 per cent.
Superdry’s current management has faced criticism from the company’s founders over its strategy of putting a wider range of products in stores. Co-founder Julian Dunkerton, who still owns a sizeable stake, said there should be a small range of core products in store and a wider range of items online.
But Superdry reiterated its strategy yesterday, saying it had made progress on its denim range and organic cotton T-shirts.
Chief executive Euan Sutherland said: “We are six months into a product diversification and innovation programme and, as we said in the summer, it will take up to 18 months for the benefits to come through.
“In the meantime, we are well prepared for peak trading and the team remains highly focused on the delivery of sales growth and further efficiencies in the remainder of the year.”
Superdry’s group revenue has risen by 3.1 per cent