The company said its Rebel stores had also reported a shift to weights and gym equipment, personal fitness and home entertainment goods.
The company said it would be returning capital expenditure to historic levels of about $90 million a year, even if a softer trading environment emerges.
The company said that after a 26.2 per cent decline in its like-for-like sales in April, trading had rebounded strongly in May with Group like-for-like sales increasing 26.5 per cent. Group sales growth had continued to benefit from the strong consumer environment in June.
There had also been a significant shift in on-line sales.
It said the investments were likely to a single retail digital customer experience and analytics investments, supply chain investment to facilitate omni-channel sales growth, further simplification of the business model, investment in working capital to take advantage of elevated sales in certain categories and to take advantage of increased supplier promotional activity.
There would also be investment in footprint optimisation and organic market consolidation and share gain opportunities presented as a result of the COVID-19 disruption.
About 28 million shares will be issued under the rights issue which will be non-renounceable. The institutional component has already started and the retail component will open on Monday, June 22 and close on Friday, July 3.
Former chairman, managing director and now director and major shareholder Reg Rowe said he and the entities he controls would take up their rights in the offer amounting to about $60 million.
“I fully support Super Retail Group’s equity raising announced today,” Rowe said.
“Combined with other initiatives announced, it will allow the group to continue executing its growth agenda, invest in its market-leading brands, further differentiate its proposition and provide additional flexibility in an uncertain environment.”Jump to next article