Superdry owner Supergroup sees profits double

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Shares in Supergroup have jumped 21% after the Superdry and Cult clothes chain owner reported profits up 110%.

The result was helped by strong trading, new store openings, overseas growth and fatter profit margins.

Total profits before tax for the year to 1 May were £47.3m.

The firm - which also owns the 77Breed and SurfCo California labels - opened 21 new stores in the year, and is about to sign the lease on a new flagship store on London's Regent Street.

Supergroup previously set itself a target of opening 20 new stores a year.

The company also made more money per store, with the operating profit margin at its retail business increasing from 21% to 26%.

Total revenues were up 71%, including a trebling of internet sales.

The Cheltenham-based company said it had rolled out its international business further, with 44 overseas franchises and licensed stores opened during the year.

That helped the share of foreign sales in its wholesale business grew from 49% to 60%.

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