SuperGroup announces annual results early after employee theft

Citing theft from an employee of the company’s documents, SuperGroup, the owner of the Superdry brand, had to release the the company’s annual preliminary results ahead of its scheduled release date.

The company said that revenues for the period ended April 29, 2017 rose 27.4 percent to 752 million pounds (978 million dollars), with retail like-for-like sales growth at 12.7 percent. Underlying profit before income tax increased 18.4percent to 87 million pounds (113 million dollars), while underlying basic earnings per share were up 17.4 percent to 84.5p.

Underlying gross margin for the year, the company said, was down 130 basis points to 60.2 percent reflecting strength of wholesale channel mix. Underlying operating margin was 11.9 percent compared to 12.6 percent last year. On a 2016 53-week basis profit before income tax rose 53.1 percent to 84.8million pounds (110 million dollars).

SuperGroup said, FY18 underlying profit before tax is expected to be in line with market expectations. The company said inventory reduction is driving operating efficiencies.

Picture:Superdry website