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Superdry owner Supergroup plans sports stores


Shares in the owner of Superdry have risen after it reported a big rise in profits and plans for standalone sports stores.Supergroup said it would expand its Superdry sportswear business through “shops in shops, franchise outlets and an extended online presence”.Its comments came as it reported a 53% rise in full-year pre-tax profits to £84.8m, with sales up 27% to £752m.Shares in the FTSE 250 company ended the day 2.7% higher. The benchmark FTSE 100 share index ended the day up 64.37 points higher at 7,377.09, having fallen for most of last week. For June as a whole, the index had recorded its worst monthly loss since September 2015.Mining companies helped to lift the FTSE 100, with Glencore and Anglo American closing over 5% and 4% higher respectively. On the currency markets, the pound fell back below $1.30 after the release of a weaker-than-expected manufacturing survey.The latest Markit/CIPS UK manufacturing Purchasing Managers’ Index (PMI) dropped to 54.3 in June from a downwardly revised 56.3 in May.While a reading above 50 still indicates growth, the reading was the lowest for three months, and the survey also found export orders rose at the slowest pace for five months.Sterling was down 0.6% against the dollar at $1.2950, while against the euro it fell 0.1% to 1.1395 euros.
Source: BBC