Fashion retailer SuperGroup posted a jump in full-year sales and revenues, boosted by the weak pound.
The owner of the Superdry reported a 12.7 per cent leap in like-for-like sales in its full financial year ending in April 29, while overall group revenues increased 27.2 per cent to £750.6m.
SuperGroup said that currency movements, namely a more than 12 per cent fall in the pound against the dollar since the EU referendum, accounted to a third of the revenue growth across its business.
The FTSE 250 retailer has expanded its store offering to a total of 555 from 475 last year, opening 26 new sites in its fourth quarter. SuperGroup said its US business has managed to break even this year, helped along by online sales.
The company expects its full year profits to come in the region of £86m-87m – in line with market expectations, but gross margins were set to shrink to the region of 120-140 basis points.
Chief executive Euan Sutherland said:
FY17 has seen another good year of sales and profit growth. This has been achieved by improving our product ranges and introducing new categories to excite, inspire and maintain the brand’s relevance while, in parallel, investing in our development markets and improving our infrastructure.