New stores help propel SuperGroup's first half

Strong first half trading from SuperGroup saw positive sales growth in its half-year report on Wednesday.

The FTSE 250-listed owner of popular faux-Japanese fashion brand Superdry saw revenue rise 22.3% to £254.7m in the 26 weeks to October 24.

Underlying profit before tax was up a sizeable 54.4% to £19.3m. Excluding North America, it increased 73.6%.

Basic earnings per share were up to 20p, from 11.9p, on an underlying basis. Its reported basic earnings per share were just 10.2p, however, down from 17.2p last year.

In the report, SuperGroup said this reflected the period-on-period remeasurement of financial derivatives, as well as "exceptional items" related to the North America licence buy-out.

The company bought itself out of its US distribution licence in March for £22.3m, which gave it exclusive rights to sell its products in North America.

"SuperGroup has made good progress in realising its strategic objectives in the first hald and has delivered profitable growth, while continuing to invest in the business", said chief executive Euan Sutherland, commenting on the results.

"Central to this is the ongoing process to get ever closer to out customers who clearly appreciate the product innovation that is widening the Superdry offer."

Over the six months, the group added 14 net new stores totalling 63,000 square feet of new trading space - or 9% - since year-end.

There were also 23 new international franchised and licensed store openings.

SuperGroup announced its maiden dividend, paying an interim dividend of 6.2p per share on February 5 2016.