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Superdry owner Supergroup to spend £30m on expansion

Superdry store Image copyright PA
Image caption Supergroup said the figures showed "significant opportunities for growth"

A fashion firm which started life as a market stall in Cheltenham said it plans to spend £30m on an expansion after a "return to form".

Supergroup said performance had improved on last year when profits fell 14.7% after an accounting error.

Chief executive Julian Dunkerton said: "The financial performance for the year represents a return to form."

He added the worldwide chain hoped to expand in the UK and Europe and open new stores internationally.

The company, which owns the Superdry, Cult and SurfCo California brands, posted a 22% increase in underlying pre-tax profits to £52.2m for the year to 28 April.

Growth opportunities

This followed a turnaround of efforts, which included a revamp of womenswear helping like-for-like sales lift by 5.7%. Bottom line profits rose 0.8% to £51.8m.

Mr Dunkerton said the figures showed "significant opportunities for growth" after a better year for the group.

He said the firm was "setting its sights on China" with aims to trial a website in the country next year, adding to the 16 sites currently operating worldwide.

Supergroup has 85 fully-owned stores across the UK and Ireland out of a total of 401 owned, franchise and concession stores internationally.

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