SuperGroup positive despite profit drop
SuperGroup has moved to put a turgid 2012 featuring three profit warnings behind it, highlighting positive trading in the lead-up to Christmas in spite of the youthful SuperDry fashion brand owner reporting a near one-third drop in first-half pre-tax profit.
The retailer – best known for its trademark jogging bottoms, hooded tops and T-shirts – yesterday said like-for-like sales leading up to the festive trading season were ahead of last year.
The rosy outlook came in spite of the fashion chain reporting a fall in pre-tax profit from £20.3 million to £13.9 million for the half to October 28th, hampered by a writedown in the deferred consideration value of SuperGroup’s European division, which it purchased in 2010 when its shares were three times their current price. – (Copyright the Financial Times Limited 2012)