RNS Number : 2696M
SuperGroup PLC
06 May 2015
 



 

SuperGroup Plc

 

Year-end Trading Update

 

Robust trading in final quarter

 

 6 May 2015

 

SuperGroup Plc ('SuperGroup' or 'Group') today provides a trading update covering the 15 week period from 11 January to 25 April 2015 (the 'period') and for the 52 weeks1 ended on that date.

 

Revenue

 


15 week period ended 25 April

Half 2

Full Year

 £M

Q4 2015

Q4 2014

Growth

H2 2015

H2 2014

Growth

FY 2015

FY 2014

Growth

Total group revenues

134.8

113.8

18.4%

276.5

238.8

15.8%

484.7

430.9

12.5%

 

Total retail

76.0

   63.0

20.6%

201.2

168.5

19.4%

332.8

285.5

16.7%

LFL (%)2

11.6%

-3.0%


11.3%

-0.3%


4.8%

3.2%


Ave. Space (sq.ft '000s)3

711

629

13.1%

702

626

12.2%

656

558

17.5%

Wholesale

58.8

53.6

9.7%

75.3

70.3

7.1%

151.9

145.4

4.5%

 

Group revenues for the 15 week period have increased by 18.4% to £134.8m. With like-for-like growth of 11.6%, the strong performance within the Retail division was sustained, following the clearance activity in the third quarter, together with the benefit of softer comparatives.

 

As previously highlighted, the loss of one of the Group's key customers and the strengthening of sterling against the Euro were expected to impact the Wholesale performance in the second half. While revenue growth of 9.7% for the period benefitted from phasing of deliveries into the final quarter, second half growth of 7.1% is encouragingly above the first half.

 

Gross Margin

Gross margin in the 15 week period is anticipated to have accreted marginally, benefitting from a continuing favourable channel mix, partially offset by the impact of currency movements. Second half margins are anticipated to decline slightly year on year as the Group annualised the acquisition of European agents, which enhanced margin by c. 200bps in the first half, and as a result of targeted promotional activity in the third quarter to clear excess seasonal inventory.

 

Strategic Progress

The Group has continued to extend the reach of the Superdry brand. Sales from new and annualising retail space contributed 11.9% growth over the full financial year, reflecting our continued strong store expansion programme which included 243 net new store openings in the year delivering year-on-year space growth of 13%.  In addition to this growth in owned store space, the Group also opened 29 franchise stores during the year. The Groups' e-commerce customer proposition also continues to strengthen, with revenues growing by 39.5% over the year.

 

Investment continued in people, processes and systems in order to enable the Group's long term growth ambitions.

 

The integration and financial performance of the Group's recently acquired North American operation progressed in line with expectations in the five week period following acquisition.

 

Commenting on SuperGroup's performance Euan Sutherland, Chief Executive Officer, said:

"The Group traded robustly throughout the final quarter. Our focus remains on the creation of a global lifestyle brand, through the extension of the Superdry brand and execution of clear retail growth opportunities, under-pinned by continued investment to strengthen our business.

 

A strong pipeline of new stores in our targeted European markets, e-commerce momentum, the acquisition to take control of our brand in North America and the opportunity to increase awareness through our global collaboration with Idris Elba provide confidence for continued growth.

 

With a successful final quarter completed, the Group's expected underlying profit4 outcome for FY15 remains in line with previous guidance at between £60 million and £65 million."

 

 

For further information:

 

SuperGroup



Nick Wharton

Interim CFO

+44 (0)1242 586747

Mav Wynn

Head of Investor Relations

+44 (0)1242 586543







Instinctif Partners



Matthew Smallwood


+44 (0) 20 7457 2020

Mark Reed



 

 

Conference call

SuperGroup will be hosting a conference call for analysts and institutional investors at 08:00 hours BST today.

 

United Kingdom (Local)

020 3059 8125

All other locations

+ 44 20 3059 8125

 

 

 

Announcement of Preliminary Results

SuperGroup will make its preliminary results announcement on Thursday 9th July 2015.

 

Notes

1.       Financial year 2015 covers the period 27 April 2014 to 25 April 2015 representing 365 days. 

 

2.       Like-for-like sales ('LFL') growth is defined as the year-on-year sales growth for stores and concessions open for more than one year and include eCommerce revenues. Foreign currency sales are translated at the average rate for the month in which they were made.

Like-for-like sales in FY13 were favourably impacted by a series of mega deal promotions on Ebay. Adjusting for these revenues underlying like-for-like sales declined by 1.3% and grew by 4.4% for the fourth quarter and full year of FY14 respectively.

 

3.       Excluding recently acquired stores in the US, the Group opened 28 stores during the year and closed 4 stores.

Retail Space Analysis (headline figures quoted represent weighted average excluding USA):

 


FY14

FY15 Q1

FY15 Q2

FY15 Q3

FY15 Q4


Sq Ft

Stores

Sq Ft

Stores

Sq Ft

Stores

Sq Ft

Stores

Sq Ft

Stores

UK

544,000

96

541,000

96

554,000

97

554,000

97

553,000

97

EU

89,000

43

105,000

51

125,000

54

153,000

63

162,000

66

USA

0

0

0

0

0

0

0

0

49,000

15

Group

633,000

139

646,000

147

679,000

151

707,000

160

764,000

178

 

4.       Profit refers to underlying profit before tax and includes losses from the Group's North American operations subsequent to its acquisition on 25 March 2015. These losses are anticipated to be approximately £0.2m.

5.       Group revenues FY14:

 

FY14

Q1

YOY

Q2

YOY

H1

YOY

Q3

YOY

Q4

YOY

FY14

YOY


£m

%

£m

%

£m

%

£m

%

£m

%

£m

%

Retail

53.2

17.6

63.8

20.6

117

19.3

113.8

18.2

54.7

13.5

285.5

17.7

LFL

8.5%


7.8%


8.1%


1.3%


-3.1%


3.2%


Wholesale

21.8

50.8

53.3

17.1

75.1

25

27.3

41.7

43

10.8

145.4

23.3

Group

75

25.7

117.1

19

192.1

21.4

141.1

22.1

97.7

12.2

430.9

19.6

 

 

Cautionary Statement

This announcement contains certain forward-looking statements with respect to the financial condition and operational results of SuperGroup Plc. These statements and forecasts involve risk, uncertainty and assumptions because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements are made only as at the date of this announcement. Nothing in this announcement should be construed as a profit forecast. Except as required by law, SuperGroup Plc has no obligation to update the forward-looking statements or to correct any inaccuracies therein.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 

END

 
 

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