Key Financial Highlights
On a comparable 52-week basis:
Revenue up 21.3% to £590.1m
Underlying gross margin up 60 basis points to 61.5%
Underlying operating margin 12.6% (2015: 13.1%), 13.6% excluding initial trading losses in key development markets
Underlying profit before income tax up 16.3% to £73.5m
Underlying basic earnings per share up 21.8% to 72.0p (2015: 59.1p)
Full year ordinary dividend 23.2p per share representing a 3.1x cover
First special dividend 20.0p per share
On a 53-week basis:
Revenue up 22.8% to £597.5m
Underlying operating margin 12.2% down 90bps
Underlying profit before income tax up 14.6% to £72.4m
Profit before income tax £55.4m (2015: £59.5m)
Underlying basic earnings per share up 20.0% to 70.9p (2015: 59.1p)
Basic earnings per share of 50.7p (2015: 56.1p)
Cash generated from underlying operating activities of £91.6m (2015: £50.8m)
Year-end net cash3 position up 29.8% to £100.7m (2015: £77.6m)
Operational and Strategic Progress
Retail revenue up 24.5%; like-for-like4 sales growth +11.3%
Further multi-channel development; E-commerce participation of Retail sales increased to 23.1%
Insight led range innovation drives incremental sales:
o Womenswear, highest growth category for the year
o Superdry Sport and premium Idris Elba ranges launched
136,000 square feet added, predominantly in mainland Europe, with a strong pipeline for FY17
Wholesale revenue increased by 14.2%; 48 net new international franchised stores opened
Development markets progressing to plan:
o USA financial loss £2.9m (guidance £3.0m - £3.5m) with five trial stores opening in 2016
o Initial China trial stores opening Summer 2016 after joint venture agreement in July 2015
On track to open two in-country distribution centres ahead of 2016 peak trading
Euan Sutherland, Chief Executive Officer, commented:
"SuperGroup has made significant progress this year, delivering double digit growth in sales and profits, while maintaining momentum against all the elements of our strategy to build a global lifestyle brand. We are reaching more customers with a greater breadth of product and were delighted with the positive reaction to our Womenswear offer and the innovations through Superdry Sport and the premium Idris Elba range. Our commitment to deliver long-term sustainable growth is clearly evidenced by the 75 per cent increase in our mainland European store footprint and our continued investment in infrastructure to support our growth plans.
"Looking forward, notwithstanding the current economic uncertainty, we remain well placed: We have a healthy committed new store pipeline in multiple geographies; are making good early progress in the USA and China; have clear e-commerce momentum and look forward to delivering the full-year impact from our product innovation. The Group is financially strong and readily able to fund our planned investment programme and our progressive dividend. With high confidence in the brand and our strategy we will pay our first special dividend of 20p per share to all shareholders at the same time as the final ordinary dividend".
