SuperDry hits back at analysts with help from Idris Elba

Link-up with the Luther and The Wire actor was hailed as a success

Fans turned out en masse for the Idris Elba launch at a London branch (Getty Images)

The fashion chain SuperDry does not have an overstocking issue and is not offering too many discounts, according to its boss, who has hit back at claims by analysts.

Euan Sutherland, the chief executive of parent company SuperGroup, said: “We weren’t going to talk about very recent trading today but we had a rather bizarre note from an analyst yesterday which didn’t ring true for us. Our promotional participation is no more than usual, and we’re actually down year on year for stock levels.”

The note from retail analysts at Liberum on Tuesday had sent SuperGroup shares down 6 per cent, but by last night they had rebounded 12 per cent, or 184p, to 1,700p –a 20-month high – as Mr Sutherland revealed strong sales growth.

Sales jumped 22.3 per cent to £254.7m in the six months to 24 October, although a hangover of unwanted stock from a recent US acquisition sent pre-tax profits down by a third to £11.5m. Underlying profits, which strip out one-off costs, were up 54 per cent to £19.3m.

He added that the warm weather had meant fewer coats and winter jackets had been sold, but he was confident they would start to move when it became colder.

A link-up with the Luther and The Wire actor Idris Elba was also hailed as a success, with almost 3,000 fans packing into SuperDry’s Regent Street store in London for the launch last month. The Elba line, which includes a £450 leather jacket, will be rolled out to the US next year.