SuperGroup rejects claims it's overstocked as profits leap

The boss behind fashion chain Superdry has hit back at an analyst who suggested the company is suffering from having too much stock, offering too many promotions and has reached its peak.

Euan Sutherland, chief executive of SuperGroup, said: “We weren’t going to talk about very recent trading today, but we had a rather bizarre note from an analyst yesterday which didn’t ring true for us.

“Our promotional participation is no more than usual, and we’re actually down year on year for stock levels.”

The note from retail analysts at Liberum on Tuesday had sent SuperGroup shares down 6% last night, but they rebounded up 8.5%, or 129p, to 1645p, as Sutherland revealed sales had risen 22.3% to £254.7 million in the six months to October 24, with underlying, pre-tax profits up 54.4% to £19.3 million.

He added that the warm weather meant fewer coats and winter jackets had been sold, but he was confident that the company would shift them when it becomes colder.