The retailer said it "should have done better" after a year blighted by an accountancy blunder and being caught out with stock shortages as it struggled to keep up with its rapid rate of expansion.

It opened 19 new stores in the UK and Ireland during the year, bringing the total to 79, but will slow its expansion this year as it seeks to grow "in a controlled and measured way".

Revenues increased 32% to £313.8m in the 12 months to April 29.

Chief executive Julian Dunkerton, who founded the group in 1985 from a market stall in Cheltenham, said: "While sales have continued to grow substantially, this has been a disappointing year for the group.

"We have faced challenges brought about by the rapid growth of our business, which have been compounded by the volatile and adverse market conditions being experienced by all fashion retailers."

SuperGroup, which also operates the SurfCo California brand, nearly doubled the number of overseas franchised and licensed stores to 101 last year, with openings in Finland, Switzerland, Hong Kong and Taiwan.