Business

Superdry owner shares jump 10% on higher profits

Man with a Superdry Image copyright Getty Images

Shares in Supergroup, the owner of clothing retailer Superdry, have jumped 10% on news that profits for the first half of the year were sharply higher.

Profit before tax for the six months to October was £19.3m, up 54.4% compared with the same period a year earlier.

Total revenue during the period for the British firm, known for its hoodies and jackets, was up 30.8% at £172.1m.

By noon, shares had surged by more than 10% to reach 1,671 pence per share.

Supergroup said that womenswear was its fastest growing range during the period, while the growth in its online business, along with newly opened stores worldwide, helped boost profits.

The company also said that sales were boosted by its new premium collection, advertised by actor Idris Elba from TV series 'The Wire'.

However, it cut its earnings outlook for its US division, which it expects to remain loss-making until 2017.

Supergroup now has 244 stores globally.

Chief executive Euan Sutherland said: "Whilst comparatives in the second half are more challenging, the development of Superdry into a global lifestyle brand is proceeding with pace."

Analysts added a note of caution, saying that high street conditions are tougher, with more competition.

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