Highlights

Financial highlights

20132012Growth
Group revenue£m360.4313.8+14.9%
Group gross profit margin%58.357.0+130bps
Underlying operating profit margin%14.413.6+80bps
Underlying profit before income tax£m52.242.8+22.0%
Profit before income tax£m51.851.4+0.8%
Underlying basic earnings per sharepence47.838.1+25.5%
Basic earnings per sharepence44.745.0-0.7%
Year end net cash£m54.530.9+76.4%

Group consolidated revenue
£m

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Underlying Group PBT
£m

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Underlying Group operating
margin %

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Closing net cash
£m

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Operational highlights

  • Retail sales like-for-like up 5.7% year-on-year.
  • Total space in the UK and European store portfolio: 536,000 square feet, +13.8%.
  • Net 56 international franchised and licensed stores opened in the year, taking the total to 162 (2012: 106).
  • E-commerce sales increased by 27.8% and now contribute 11.2% of Group revenue (2012: 10.0%).
  • Internet sales made to 122 territories through 16 Superdry websites.
  • Announcement of a new distribution centre and appointment of a new third party logistics partner.
  • Investment in high calibre senior management.
  • Agreement to buy out the Group's Spanish distributor.

Note:
Underlying is defined as reported results adjusted to reflect the impact of the gain/loss recognised on fair valuing deferred contingent share consideration, financial derivatives, exceptional items and, when appropriate, the related income tax. The directors believe that the underlying results provide additional guidance to statutory measures to help understand the performance of the Group. Further details of the adjustments are included in note 13. All references to underlying are after making these adjustments. Retail and Wholesale segments are presented before inter-segment royalties.