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- E-mail [19659009] The Superdry shares surged, as the retailer reported higher sales and its second special payment to shareholders in two years despite difficult trading conditions.
The group's turnover reached £ 872 million in the 12 months prior to April 28, compared with 752 million the previous year, thanks to an increase of nearly 30% in its wholesale division that has penetrated eight new markets. 19659004] In the meantime, online sales have increased by more than a quarter, helping its retailers to record a 9.2% jump in sales.
Superdry said that "the overall economic backdrop was not favorable"
Despite an increase in online shopping and adverse weather conditions in the fourth quarter, which hit business in the UK, Europe and the US East Coast.
But Chief Executive Officer Euan Sutherland said, "
" We have made good progress in implementing our strategy and significantly strengthening our platform and capabilities, while achieving another year of double growth. sales and profitability figures. "Disadvantages The Board of Directors remains confident that Superdry is an exceptionally profitable cash-generating business that will continue to generate sustainable growth for our investors.
" This trust is demonstrated by our second special dividend in two years of 25p per share in addition to an increase of 11.4% of the total ordinary dividend. "
The company announced a special dividend in July 2016.
It has helped to increase shares by more than 9.5% in the morning.
It is now expected to deliver a "high single-digit increase" in the group's earnings the year 2019.
Superdry was the 23% drop to £ 65.3 million (239 million euros) is attributable to the decline of 23.8 million euros related to fair value losses on its foreign exchange forward contracts and £ 2.2 million. The "underfunding of rents" related to its flagship store in Berlin, which underperformed sales and did not achieve expected returns.
Profit before tax up 11.5% to £ 97 million.
This year, it would miss profit targets of £ 100.6 million because of bad weather, lower margins and the depreciation of several million pounds on its Berlin site.
David Madden, Market Analyst at CMC Markets UK The special dividend was a "pleasant surprise" given the May update.
He said: "The British high street suffers from higher activity rates and higher employment costs., And the rise in online sales, and Superdry is not different
"The company confirmed that last-quarter same-store sales fell 6%. The company has blamed the East Beast for lower revenues. The relatively strong inflation has reduced the purchasing power of consumers, and this also has an impact on retailers.
"Fortunately, Superdry has successful online and wholesale business and does not feel as much pain as other fashion houses. Added: "Given the changing trends in buying habits, the company might be looking to divert attention from the main street, and focus on wholesale and online operations."
Press Association
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