Supergroup, owner of the Superdry fashion brand, has reported slowing sales growth in its fourth quarter trading statement. And company executives are blaming figures on a lack of summer clothing in stores. Revenue rose by 61% to £66 millionin the three months to 1 May, compared with an 87% rise in the third quarter. The hoody and t-shirt retailer said the slowing sales were due in part to its failure to get its full range of summer stock out to stores quickly enough when the warm weather arrived. In addition, Superdry opened fewer new stores in the quarter.
Online sales continued to grow, however, with the introduction of a number of new foreign language sites.
It said that reported sales increased in the quarter by over 180% and more than doubled over the year.
Overall, Supergroup achieved total sales for the year of £238 million which was up 71% on the previous year.
Julian Dunkerton, new chief operating officer after the departure of long time executive, Diane Savory, said, ‘Looking forward, Supergroup has a number of exciting developments internationally with further openings across Europe, Asia and the Middle East. Our strategy and prospects remain on track.”