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Cult following helps SuperGroup sales soar

Superdry fashion label and Cult boutique group shares jump 7% after sales increase by two-thirds over first quarter

The rise of SuperGroup, owner of the Superdry brand and the Cult boutique chain, was back on track on Wednesday as the group revealed a 66% rise in sales in its first quarter.

Shares in SuperGroup rose 7% after the company said total group sales were £54m in the three months to the end of July. Wholesale sales almost doubled on the strength of international demand for the retailer’s clothing. SuperGroup listed last year and has divided City opinion, with some investors viewing it is a temporary fashion fad rather than a long-term bet.

Arden Partners analyst Nick Bubb said he thought the group was on track to deliver almost £70m in profits this year. “We are happy with our £70m forecast at this stage, given current momentum and the outerwear bias of the business, although the high street environment is difficult.”

The shares, which were floated a year ago at 500p and which had climbed to nearly £18 by February, closed at £10.59, 69p up on the day. © 2011 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds