Super Retail Group Sales Grow Just 1% in H2

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By Published On: May 14, 20240 Comments

Super Retail Group has not improved on a subdued first half, citing ongoing cost of living pressures for minimal growth in H2.

In a presentation delivered to the Macquarie Group Australia Conference on Thursday, 9 May 2024,  Super Retail Group CEO and MD Anthony Heraghty revealed the Group’s results up to and including week 43 of FY24. 

In January, Super Retail Group, which operates Supercheap Auto, rebel, BCF, and Macpac, reported on minimal growth in the first half of FY24, reporting $2 billion in revenue.

The second half of FY24 so far is not reflecting any stronger of a position than the start of the year. 

In weeks 27 – 43, Group sales were approximately one percent higher than sales in the prior corresponding period (pcp).

Supercheap Auto sales grew one percent, bolstered by “strong demand in auto maintenance categories including lubricants, power and car detailing.” 

Outdoor recreational equipment retailer macpac was the Group’s standout performer, with sales growing three percent due to inbound travel into New Zealand boosting sales. 

BCF sales declined five percent, attributed to a clearance period and subdued Easter trading. Also in decline, rebel sales dropped three percent as apparel sales dwindled.

“Given current challenges around inflation and interest rates, our customers are managing their spending carefully and becoming increasingly value focused.” commented Group MD and CEO Anthony Heraghty. “While store foot traffic and transaction volumes continue to grow, ongoing cost of living pressure is impacting number of items per sale.” 

The Group has opened 20 stores and closed four stores in FY24 year to date, expecting to open a further seven stores prior to the end of FY24.

Mr Heraghty did not comment on recent controversy surrounding $50 million court proceedings regarding the Group that among other complaints, alleges a non-disclosed relationship between himself and a fellow employee. 

Despite subdued sales, Group gross margin in FY24 year to date is in line with gross margin delivered in the pcp. 

About the Author: Rosalea Catterson

Rosalea is the Editor of Power Retail. With a keen interest in consumer behaviour and tech, she covers everything ecommerce and hosts the Power Retail Power Talks Podcast.

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