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Supergroup pledges first dividend in 2016 as part of strategy update

Thu, 26th Mar 2015 07:03

As well as reiterated recent profit guidance, Supergroup chief executive Euan Sutherland has unveiled a new strategy for the company that includes a first dividend in 2016 and the surprise repurchase of its North American rights.The FTSE 250 company, which is best known for its Japan-inspired Superdry brand, also has made a heavyweight board appointment and announced a new clothing range designed with actor Idris Elba.A first interim dividend will be paid next year as part of a new progressive dividend policy at a prudent cover ranging between 3.0 and 3.5 times earnings. If excess cash still sits on the balance sheet over an "extended period" then management may then consider one-off special cash returns.Sutherland, who has axed half the executives on the board since he took charge in October, said the new strategy was to enable the company to deliver sustainable growth and create a global lifestyle brand.As a key step on this strategic journey Superdry, which confirmed profit for the full year was still expected to be in the range of £60m-£65m, has bought back the exclusive rights to distribute Superdry products in the US, Canada and Mexico for a total of £22.3m.With one-off transaction costs of circa £0.7m and other non-underlying costs expected to reach £9m this year and £8m in the 2016 financial year, the lossmaking business is expected to dilute earnings in the 2016 financial year.Analysts at Investec said the purchase was as a "good price" but that the dilution would probably move 2016 consensus profit forecasts down around 5% from £72m to £68m-£69m.The North American business made an operating loss of £5.1m in calendar 2014 but Sutherland expects to halve the operating loss in 2016 and expects the operation to be profitable from 2017.After re-acquiring its Scandinavian, Spanish and German partners over the last 18 months, the Cheltenham, Gloucestershire-based company terminated the 30-year licence it had granted to US licence partner SDUSA in 2008.The purchase also includes certain assets from the lossmaking US business, including 15 shop leases, stock, and fixtures and fittings all valued together roughly £11m.Non-executive appointment and Elba collaborationAfter much board upheaval in his four months in charge, Sutherland also welcomed a highly respected new non-executive director in the shape of Penny Hughes, ex of Coca-Cola and currently on the board at supermarket Morrison's and The Royal Bank of Scotland.Her previous non-executive directorships include Home Retail, Gap, Next, Body Shop, Thomson Reuters, Vodafone and Trinity Mirror.Actor Elba, famous for his roles in The Wire, Luther and Mandela Long Walk To Freedom, will collaborate with Superdry to design and produce a new premium line of clothing which will be sold globally in stores and online.Elba will be designing the range with brand and design director James Holder, will be the face of a premium clothing line that will be "evidence of Supergroup's commitment to British innovation".

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19 Mar 2015 13:44

FTSE 250 movers: Retailers and energy stocks surge, ex-dividend insurers lower

Supergroup made strong gains after Investec said a focus on retail execution and UK profit maximisation was a "major opportunity". The broker reiterated its 'buy' rating, with analyst Kate Calvert adding: "We see material growth opportunities, not only in maximising UK profitability by optimising it

12 Mar 2015 17:30

Thursday broker round-up

Asos: Cannacord Genuity raises target to 3,250p from 2,520p and reiterates hold. Cambian Group: Cannacord Genuity lifts target to 311p from 294p and reiterates buy. BP: JP Morgan raises target to 410p from 400p and reiterates underweight. Royal Dutch Shell: Investec reiterates hold. Supergroup: C

25 Feb 2015 14:21

FTSE 250 movers: Petrofac beats analysts' expectations, AO World and Supergroup drop

Petrofac topped the risers as profits came in above analysts' expectations, albeit towards the bottom of the company's own guidance. Chief executive Ayman Asfari said the company was well positioned to deal with the oil industry's declining prices, as the group ended the year with a record-breaking

25 Feb 2015 11:38

UK WINNERS & LOSERS: AO World Shares Dive On Profit Warning

25 Feb 2015 09:56

UPDATE 1-SuperGroup's finance chief quits after being declared bankrupt

(Adds details, analyst reaction, shares) By Paul Sandle LONDON, Feb 25 (Reuters) - SuperGroup Plc, the owner of the Superdry fashion brand, said on Wednesday its finance chief Shaun Wills had quit after being declared bankrupt two weeks ago. Wills, who is a qualified accountant,

25 Feb 2015 08:33

UK MORNING BRIEFING: Weir Group Falls On Poor 2015 Outlook

25 Feb 2015 08:00

Supergroup boardroom upheaval continues as CFO replaced

In four months under the whip of new chief executive Euan Sutherland, Supergroup has parted company with half the executives on the board after chief financial officer Shaun Wills was issued marching orders on Wednesday. Wills' departure, which was branded "bizarre" and a "genuine shock", comes just

25 Feb 2015 07:48

SuperGroup CFO Leaves After Being Declared Personally Bankrupt

25 Feb 2015 07:25

SuperGroup's finance chief leaves after he was declared bankrupt

LONDON, Feb 25 (Reuters) - SuperGroup plc said its finance chief Shaun Wills had stepped down after the company learnt he was the subject of a personal bankruptcy order earlier this month. The owner of the fashion brand Superdry said on Wednesday Nick Wharton, previously chief executive of

12 Feb 2015 12:13

Supergroup surprises as COO squeezed out

Supergroup has parted company with chief operating officer Susanne Given, with the shock announcement sending the shares lower on Thursday afternoon. Given has departed with immediate effect "to explore other opportunities", less than four months since new chief executive Euan Sutherland took the re

12 Feb 2015 09:33

UPDATE 1-SuperGroup operations chief abruptly leaves

(Adds detail, spokesman, analyst comment, shares) LONDON, Feb 12 (Reuters) - SuperGroup, the British firm behind the Superdry fashion brand, is parting company with its chief operating officer four months after it recruited the former boss of the Co-op to be its new chief executive. T

12 Feb 2015 07:35

SuperGroup COO to leave firm

LONDON, Feb 12 (Reuters) - SuperGroup, the British firm behind the Superdry fashion brand, has parted company with its chief operating officer. The firm said on Thursday that Susanne Given, who joined SuperGroup in 2012, has stepped down from the board as a director with immediate effect an

12 Feb 2015 07:21

SuperGroup COO Susanne Given Leaves Company

10 Feb 2015 15:50

Superdry clothing stores to open in Russia

MOSCOW, Feb 10 (Reuters) - Azerbaijan's PNN Group will open two stores selling SuperGroup's Superdry clothing label in Russia in the coming months, despite gloomy expectations for consumer sentiment due to a slump in the rouble and a foundering economy. SuperGroup said two franchised stores

9 Feb 2015 13:51

FTSE 250 movers: Miners and oil companies trading higher, Halma hit by downgrade

Halma took its biggest one day fall since May 2010, as JP Morgan downgraded the stock from 'neutral' to 'underweight'. Man Group was among the fallers despite an increased price objective from analysts at Liberum Capital, from 145p to 213p. Polymetal International and Kaz Minerals were putting in d

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