Supergroup has announced excellent year results for 2010/2011: it saw its turnover grow 71% to 238 million pounds (238 million euro).
Punished for huge growth, weather to blame
Despite Supergroup’s terrific results, its shares took a huge blow on the stock markets: their value decreased with almost 350 million euro (19.9%) in one day. The slower growth of “only” 39% in its last quarter (March to May) was lower than expected, and certainly lower than the 90% growth in the third quarter.
The warmer weather in Europe was bad news for Superdry’s owners, who had produced too many hoodies and jackets and not enough flip-flops and shorts. This caused sales to slow down a bit, said CEO Julian Dunkerton, who also admitted that Superdry had “not opened as many stores as planned”, costing Superdry 2.2 million euro in lost sales for the UK alone.
Since the acquisition of its franchiser’s stores in Belgium, Holland and France (adding 29 stores to the group), Superdry is active in 36 countries. Now its focus lies in China, and Dunkerton promises not to do anything that is not a hugely spectacular deal. Wait and see…
