Off the back of record breaking sales in FY23, Super Retail Group has today shared its preliminary unaudited H1 FY24 financial results.
Super Retail Group, which operates Supercheap Auto, rebel, BCF, and Macpac, has reported its preliminary FY24 first half results. The retail giant expects first half revenue in FY24 to total $2 billion and first half profit before tax (PBT) is expected to be between $200 million and $203 million. Last year, the company recorded its biggest sales growth ever with a revenue increase to $3.8 billion in FY23.
Super Retail Group CEO and Managing Director Anthony Heraghty said he was pleased with the results and that ‘well-executed promotions during peak end-of-year trade have delivered revenue growth that has translated into strong first half earnings,’ despite cost of living pressures mounting.
“The Group has traded well over the cyber sales and Christmas holiday trading period,” said Heraghty. “We maintained positive like-for-like sales growth in the first half, however cost of living pressures on the consumer did lead to a more constrained retail trading environment at the end of the second quarter. Despite this, our customer proposition and the resilience of the lifestyle and leisure categories in which we operate underpin our performance in challenging economic conditions where consumers are sharpening their focus on value.”
Alongside cost of living pressures costing the group, Heraghty expressed his concern over the rising cost of doing business.
“Cost of doing business (CODB) as a percentage of sales has increased as a result of the impact of inflation on wages, rent and electricity,” said Heraghty. “Higher CODB has impacted rebel in particular, given the composition of its lease portfolio and its higher team member-to-store ratio. “
Sporting goods store rebel was the lowest performing arm of the retail giant, with 1 percent less H1 sales growth than FY23.
Supercheap Auto sales grew 4 percent, BCF grew 8 percent, Macpac recorded a sales growth of 4 percent and overall group sales growth rose 3 percent.
Super Retail Group notes that this is a preliminary result and remains subject to audit review and finalisation. The Group will release its final first half results on 22 February 2024.