Superdry is back in fashion with investors

Investors piled back into SuperGroup today after the fashion retailer said it had "rectified" an IT glitch that left it out of stock in the autumn and dented its profits.

Its chief executive, Julian Dunkerton, who founded the business in 1985 from a market stall in Cheltenham, also gave a cautious thumbs up to the High Street review delivered by TV presenter Mary Portas yesterday, particularly her recommendations to encourage markets in town centres.

Shares in SuperGroup, which owns the Superdry and Cult clothing brands, soared by 45p to 547.5p, continuing the rollercoaster ride since it floated at 500p in March 2010.

But the retailer's pre-tax profits fell by 4% to £13 million for the 26 weeks to October 30, following a hit to its sales and margins from a calamitous integration between its warehouse systems and main computers in August.

Dunkerton said: "The warehouse issue had a massive impact on our sales. We were missing one in three or four [clothing] sizes for a while. We have rectified that."

Boosted by new stores, total sales rose 51% to £136.1 million in the half-year to October 30.

On Portas' report, he said: "She has got some elements right," adding, "I think markets are very important to nurture."