Superdry’s interim results for the half-year to end of October 2017 reveal group revenue up 20.4% to £402.0m (1H17: £334.0m), including a £12m benefit from foreign exchange.
The clothes retailer also reported wholesale revenue up by 34.1% to £159.3m (1H17: £118.8m) and retail revenue up 12.8% to £242.7m (1H17: £215.2m).
E-commerce revenue growth was 31.6% compared to 21.6% in the first half of 2017, while store revenue was £181.5m (1H17: £168.7m) up 7.6% year-on-year
Group gross margin was down slightly to 57.1% (1H17: 58.8%), reflecting announced investment to reduce inventory levels and sales mix to Wholesale channel.
Underlying2 profit before income tax was up 20.5% to £25.3m (1H17: £21.0m), with reported profit before income tax of £9.1m (1H17: £12.7m) reflecting the fair value movement on forward exchange contracts.
Underlying basic earnings per share were 25.8p (1H17: 21.0p). The company announced an increased interim dividend - up 19.2% to 9.3p (1H17: 7.8p).
Commenting on the results, Euan Sutherland, Chief Executive Officer, said: "Our growth through our eight channels to market has further diversified the brand, both geographically and across channels, while continued innovation has further widened our product offer."
He added: "Having traded through our peak trading period, the Board remains confident in delivering full-year underlying profit before income tax in line with the range of analyst expectations5 and in the quality of the sustainable financial performance we can deliver."
The market was less than impressed by Superdry's latest figures, possibly due to fall in gross margin. The company's share price fell 2.4% in early market trading to 1991.