SuperGroup PLC Confirmation of full year results (6292J)
June 29 2017 - 9:15AM
UK Regulatory
TIDMSGP
RNS Number : 6292J
SuperGroup PLC
29 June 2017
29 June 2017
SuperGroup<Plc
Confirmation of full year results
SuperGroup Plc ("SuperGroup" or "Group"), the owner of the
Superdry brand, has become aware that an external party may have
had sight of a draft of the preliminary results for the 52 week
period ended 29 April 2017 (the "FY17 Results") following a random
theft from an employee.
Accordingly, the Group sets out below the key highlights of the
unaudited FY17 Results and announces that the FY17 Results will be
released on Monday 3 July 2017.
Key financial highlights of the FY17 Results:
On a comparable 52-week basis(1, 2)
-- Revenue up 27.4% to GBP752.0m, with retail like-for-like(4) sales growth +12.7%
-- Underlying gross margin down 130 basis points ("bps") to
60.2% reflecting strength of Wholesale channel mix
-- Underlying operating margin 11.9% (2016: 12.6%)
-- Underlying profit before income tax up 18.4% to GBP87.0m (2016: GBP73.5m)
-- Underlying basic earnings per share up 17.4% to 84.5p (2016: 72.0p)
On a 2016 53-week basis:
-- Profit before income tax up 53.1% to GBP84.8m (2016: GBP55.4m)
-- Year-end net cash(3) position GBP65.4m (2016: GBP100.7m)
Unaudited guidance for FY18.
FY18 Full Year underlying Profit Before Tax expected
to be in line with market expectations
Inventory reduction drives operating efficiencies:
* Gross Margin - Ongoing trading margin: Broadly flat
year on year. - Up to 100bps dilution from planned
inventory re-base from next phase of Design to
Customer programme
* Sales, Distribution and Central costs - Increase
slower than revenue
* Working Capital - Growth materially slower than
revenue
Disciplined investment continues:
* Space growth - 125k sq. ft. new owned space (75k EU,
50k USA) - 60 Superdry branded franchise store
openings (20% year-on-year growth)
* Capital - GBP60m - GBP70m investment, GBP45m on new
and refurbished store space
Capital Policy
* Progressive ordinary dividend at 3.0x - 3.5x cover
* Special dividend when appropriate
Notes:
1. The Group believes that the financial results for the 52-week
period to 29 April 2017 ("FY17") are more appropriately compared to
the 52-week period to 23 April 2016 ("FY16").
2. Underlying is defined as reported results adjusted to reflect
the impact of the (loss)/gain recognised on re-measurements (being
the fair valuation of financial derivatives), exceptional items
and, when appropriate, the related income tax. The Directors
believe that the underlying results provide additional guidance to
statutory measures to help understand the performance of the
Group.
3. Net cash includes cash and cash equivalents.
4. Like-for-like sales ('LFL') growth is defined as the
year-on-year sales growth for stores and concessions open for more
than one year and include E-commerce revenues. Foreign currency
sales are translated at the average rate for the month in which
they were made.
For further information:
SuperGroup
Nick Wharton +44 (0) 1242 586456
Chief Financial Officer nick.wharton@supergroup.co.uk
Tulchan
Susanna Voyle +44 (0) 20 7353 4200
Samantha Chiene supergroup@tulchan.com
Cautionary Statement
This announcement contains certain forward-looking statements
with respect to the financial condition and operational results of
SuperGroup Plc. These statements and forecasts involve risk,
uncertainty and assumptions because they relate to events and
depend upon circumstances that will occur in the future. There are
a number of factors that could cause actual results or developments
to differ materially from those expressed or implied by these
forward-looking statements. These forward-looking statements are
made only as at the date of this announcement. Nothing in this
announcement should be construed as a profit forecast. Except as
required by law, SuperGroup Plc has no obligation to update the
forward-looking statements or to correct any inaccuracies
therein.
Notes to Editors
SuperGroup is the owner of British global lifestyle brand
Superdry. A brand designed for attitude not age with affordable,
premium-quality clothing, accessories, footwear and cosmetics.
As we develop the breadth and nature of our product range, we
continue to appeal to a much broader, aspirational age group. Those
who want to feel amazing in what they wear and appreciate style,
quality and attention to detail.
Already well established in the UK - our home market - we
operate a significant and continually expanding international
business, selling through our websites, wholesale partners, a
network of franchise stores and, increasingly, independent stores.
We are becoming a more efficient business as we improve our process
from Design to Customer and refine our wholesale model.
Simultaneously, we are focused on expanding our business globally
with a clear strategy for growing our e-commerce business as well
as our operations in key markets within Europe, North America and
China.
The Group has a physical presence in 62 countries and 863 stores
and concessions globally. We also have a successful e-commerce
business with 27 international websites across 18 countries
covering 12 different languages.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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