‘Outstanding’ sales push Super Retail towards $2b first half revenue
Super Retail Group has reported “outstanding” sales for the first six months of its year with Macpac revenue jumping 55 per cent and Supercheap Auto up 18 per cent.
Super Retail sales continue to rise (file photo)
In a trading update, the Brisbane-based retailer said its first half revenue was expected to be $1.96 billion and normalised profit between $212 million and $218 million.
In 2022 its first half revenue, which excluded Boxing Day, was $1.7 billion and normalised net profit was $113 million.
In the current financial year, Boxing Day fell into the first half result and contributed $27 million in sales and $7 million in profit before tax.
Significantly, the company also said its inventory balance was $30 million lower than for the same period in 2022 and was expected to continue normalising during the second half.
Managing director Anthony Heraghty said it was an outstanding result for the company with all four core brands trading strongly over the peak Christmas holiday period.
He said effective promotions and a disciplined approach to costs was behind the growth.
In 2022, the company was battling the impacts of the Omicron virus, including supply chain disruptions and lockdowns.
Super Retail owns Supercheap Auto, Rebel, BCF and Macpac.
