SUPER RETAIL PROFIT SOARS
AN “UNPRECEDENTED” boom in demand for domestic holidays and outdoor recreation has sent Super Retail Group’s halfyear profit soaring by more than 200 per cent.
Total group sales increased 23 per cent to $1.78bn in the six months to December 31, with online sales almost doubling to reach $237.4m, more than 13 per cent of the sales total.
Statutory net profit lifted 201 per cent to $172.8m and the company — which owns the Supercheap Auto, Rebel, BCF and Macpac brands — declared an interim dividend of 33c a share.
Super Retail CEO and managing director Anthony Heraghty said the record result was driven by an “unprecedented level of consumer demand” and the company’s ability to satisfy it through online and bricks-and-mortar channels.
The best-performing segment was outdoor brand BCF (Boating, Camping Fishing), which saw sales up 50.9 per cent to $427.7m.
Mr Heraghty said the second half of the year was strong for the group, with like-for-like sales already up 25.2 per cent, but predicted sales would moderate.
Fellow retailer Bapcor — which owns the Autobarn, Autopro, Burson and Sprint brands — also reported a bumper first half.
Its net profit lifted 54 per cent to $70.2m, while revenue jumped nearly 26 per cent to $883.6m as demand for products such as roof racks soared.
And The Reject Shop posted a 46.5 per cent rise in net profit to $16.3m for the half year, despite sales falling 0.3 per cent to $434.3m.
But the discount retailer is bracing for earnings losses in the June half.
The Reject Shop shares rose 2 per cent to $7.56, while Super Retail surged 1.9 per cent to $11.81 and Bapcor fell 2.4 per cent to $7.88.