The clothing designer and retailer reported a 12% increases in total group revenues for the fourth quarter ended
However, on an underlying and reported basis, like-for-like retail sales declined instead of expectations for growth, down 1.3% on an underlying basis, which excludes the mega-deal promotions on
"Our sense is that, in a promotional retail environment,
"More importantly, we think that a continuing promotional environment at the younger end of the market may have hit
The group has been investing significantly in infrastructure projects, including the relocation of its retail warehousing operation, although it said it has now passed the peak of its infrastructure investment and is well placed for the year ahead.
"The group has now entered its second phase of planned investment which includes payroll, human resources, finance and a point of sale system," the company said in a statement.
During the year, the group opened 100,000 square feet of new space, up 18% on the previous year. It said that within its wholesale division, it continued to extend the reach of the Superdry brand, having opened further franchised stores in
"The reaction to our autumn/winter 2014/15 collections is encouraging and, with a strong pipeline of new stores, particularly in mainland
"We maintain our view that
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