Aussies halt spending on fitness, hobbies

The boss of the Rebel sports retail chain and fishing store BCF, Anthony Heraghty, says people are forgoing running machines, backyard basketball hoops and portable fridges for fishing trips as cost-of-living pressures curtail spending on sports and hobbies.

However, the Super Retail Group chief executive, whose retail brands also include Supercheap Auto and camping outfitter Macpac, said shoppers were still coming through his doors to pick up affordable goods like basketball boots, fishing tackle and light globes.

Combined with his active customer base which now numbers more than 11m (up 15 per cent for the half) and a new loyalty scheme at Rebel that is proving very popular, Mr Heraghty said he believed the retail group could continue to thrive despite the economic challenges and downward pressure on discretionary spending.

On Thursday, Super Retail posted a 3.2 per cent rise in its interim revenue to $2.019bn as net profit fell 0.6 per cent to $143.4m. Online sales were better, up 10 per cent to $260m. The company also cut its interim dividend to 32c per share, down from 34c, payable on April 12.

The profit was ahead of guidance and market expectations, but the stock fell more than 7 per cent to $15.46 as it revealed a slower start to the second half.

At its Rebel sports retail outlet like-for-like sales fell 3 per cent, up 3 per cent at its Supercheap Auto stores, sales at BCF rose 2 per cent and Macpac was flat.

The company said like for like sales growth had slowed at the start of the second half.