FINANCIAL HIGHLIGHTS
Group revenue up 19.6% to £430.9m
Group gross margin up 140 basis points to 59.7%
Underlying profit before tax up 18.8% to £62.0m
Underlying earnings per share of 58.0p (2013: 47.8p)
Basic earnings per share of 34.0p (2013: 44.7p)
Net cash generated from operations of £64.3m (2013: £38.3m)
Year-end net cash position up 58% to £86.2m (2013: £54.5m)
OPERATIONAL HIGHLIGHTS
Opened around 100,000 square feet of trading space taking the UK and European retail portfolio to 633,000 square feet (+18%), in-line with guidance.
Net increase of 46 international franchised and licensed stores during the year taking the total to 208 (2013: 162).
Retail sales growth of +17.7%; LFL sales growth of +3.2%.
Wholesale sales growth of +23.3% in-line with the order books (2013: +7.4%).
STRATEGY HIGHLIGHTS
Germany: Bought-out the agency operation and acquired seven franchise stores giving the Group the rights to open its own retail stores.
Spain: Bought-out the Spanish agency and subsequently opened 10 El Cortes Ingles concessions. Further progress made on building a stronger wholesale platform.
Post balance sheet event: Acquired SMAC Group, the Group's long term Scandinavian distributor.
New central warehouse operation in Burton upon Trent opened and operating successfully.
New merchandise management system, HR and payroll systems implemented and a new point of sale system currently being rolled out throughout the estate.
As part of the previously announced investment programme the Group incurred £9.1m of pre-tax exceptional items, the majority of which relates to costs associated with the new warehouse and the deals concluded in Germany and Spain. In addition there were £7.7m of non-cash re-measurements. There is a reconciliation to the statutory profit before tax in note 3.
Julian Dunkerton, Chief Executive Officer, commented:
''We have delivered a solid performance over the past year, with profits3 up 19%, whilst managing the transition to our new distribution centre and the implementation of the merchandising management system. With a strong pipeline of new stores, particularly in mainland Europe, we are well positioned for further profitable growth in the year ahead. The strength of the Superdry brand and the investment we have made in our business leaves me confident in our ability to implement and deliver the growth strategy."
