A cool, damp August set tills ringing at SuperGroup as legions of consumers went shopping for autumn jackets, according to a strong trading update that sent shares in the fashion company soaring.
The owner of the Superdry clothes brand announced a 15.9 per cent jump in revenue to £87 million for the three months to July 26.
Julian Dunkerton, the chief executive, said: “Since we switched into the autumn/winter range, we’ve seen a significant improvement in trading, supported by the weather.
“Jackets are doing particularly well. We’re selling a lot more warm clothing than we were this time last year.”
SuperGroup admitted earlier in the year that its summer range had proved disappointing because it went a little too “boutiquey”, particularly on womenswear, with shoppers shying away from more avant garde designs.
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As a result, SuperGroup’s like-for-like sales for the three months to July were down 3.7 per cent, but for the 18 weeks to August they were down by only 1 per cent, indicating a strong improvement in recent weeks. The company is embarking on an ambitious continental expansion programme.
Bethany Hocking, a Berenberg analyst, said there could be further good news for investors by the time of interim results in December through either an agreement with a partner to begin trading in China or a decision to begin paying dividends to investors.
SuperGroup was the biggest riser in the FTSE 250, with the shares up by 145p, or nearly 14 per cent, to £11.91.