Pedal to the metal: Super Retail racks up $3.9 billion; will pay special dividend
The retailer that owns Supercheap Auto and Rebel Sports has posted record full-year sales of $3.9 billion, up two per cent from 2022/23, as customers kept shopping despite cost-of-living pressure.
Super Retail Group said on Thursday it would pay shareholders a special dividend on top of its regular one despite its full-year statutory net profit after tax dropping nine per cent to $242 million, which the group attributed in part to higher wage and rent payments.
āSuper Retail Group delivered a solid financial performance in FY24 as record sales and higher gross margin helped mitigate the impact of inflation on our cost base,ā chief executive Anthony Heraghty said.
āIn a macroeconomic environment where cost-of-living pressures are dampening consumer spending, the delivery of top-line growth is a testimony to the strength of our four core brands and the resilience of the categories in which we operate.ā
The groupās total sales were up three per cent as it opened new stores. Its same-store sales were flat, with two per cent growth in Supercheap Autoās sales offset by a two per cent drop at Rebel and a one per cent drop at BCF, the groupās chain of boating, camping and fishing stores.
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āFlat like-for-like sales growth during the period reflected the impact of higher interest rates and increased cost of living expenses, which led to more cautious consumer behaviour,ā the group said.
Online sales were up nine per cent to $485 million, which rose from 12 per cent to 13 per cent of all sales.
The group has made a strong start to the current financial year, with like-for-like sales are up three per cent and total sales up five per cent in the past seven weeks.
Super Retail Group will pay shareholders a regular dividend of 37 cents per share, plus a special dividend of 50c per share.
It ended the financial year with no bank debt and $218 million in cash.
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