Superdry back in fashion with investors
Thursday 15 December 2011
Investors piled back into SuperGroup yesterday after the fashion retailer said it had "rectified" an IT glitch that left it out of stock in the autumn and dented its profits.
Its chief executive, Julian Dunkerton, also gave a cautious thumbs up to the high street review delivered by TV presenter Mary Portas yesterday, particularly her recommendations to encourage markets in town centres.
Shares in SuperGroup, which owns the Superdry and Cult clothing brands, soared by 36p to 538.5p, continuing the rollercoaster ride since it floated at 500p in March 2010.
But the retailer's pre-tax profits fell by 4 per cent to £13m for the 26 weeks to 30 October, after a hit to its sales and margins from a calamitous integration between its warehouse systems and main computers in August.
Mr Dunkerton said: "The warehouse issue had a massive impact on our sales. We were missing one in three or four [clothing] sizes for a while. We have rectified that."
Total sales rose 51 per cent to £136.1m in the half-year to 30 October.
On Ms Portas' report, he said: "She has got some elements right," adding: "I think markets are very important to nurture."
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