Update (7372B)

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RNS Number : 7372B

SuperGroup PLC

20 April 2012

SuperGroup Plc

Update

SuperGroup Plc ('SuperGroup' or 'the Group'), today provides an update on profit guidance for the financial year to 29 April 2012.

The Group expects profit before tax for the full year to be approximately GBP43m. The most material reasons for this are:

There have been arithmetic errors in our forecast of the Wholesale business amounting to some GBP2.5m.

Also, the Wholesale business is multi-dimensional, experiencing high growth levels and, given our rapid expansion and lack of history, it is difficult to predict accurately. There is a shortfall in the current year of some GBP2.0m due to the particular timing of pull-down of stock over the year end period by both franchise and wholesale customers. As this is largely a timing issue, the majority of these sales will fall into our FY13 result.

Retail sales are in line with expectations, however, the mix of sales through our various channels has impacted margins. Additionally, we took the decision to increase our operating costs in order to ensure that we had the correct product at the right time in each of our retail channels, and also, to accelerate investment in our management team. We anticipate the impact of these factors to be some GBP2.0m in total.

The above factors will have a minimal impact on our projections for FY13.

We intend to issue our IMS on 10 May 2012, as planned.

Conference call

SuperGroup will be hosting a conference call for analysts and investors at 0830 hours GMT today. Please call Jamie Ramsay at College Hill for dial-in details on 020 7457 2047 or email [e-mail]

Cautionary Statement

This announcement contains certain forward-looking statements with respect to the financial condition and operational results of SuperGroup plc. These statements and forecasts involve risk, uncertainty and assumptions because they relate to events and depend upon circumstances that will occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements are made only as at the date of this announcement. Nothing in this announcement should be construed as a profit forecast. Except as required by law, SuperGroup plc has no obligation to update the forward-looking statements or to correct any inaccuracies therein.

20 April 2012

For further information

 
 SuperGroup 
 Tony Newbould        Investor Relations    [phone] 
 
 College Hill 
 Matthew Smallwood                          [phone] 
                                            [phone] 
 Justine Warren                              2020 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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