Online sales push Super Retail to bumper first half
Rebel sport and BCF owner Super Retail Group is predicting a record first-half next month on the back of bumper online sales sending net profits soaring up to 200 per cent higher than the same time last year.
The $2.7 billion operator of brands including Super Cheap Auto, Rebel and BCF said in a trading update on Monday online sales had increased 87 per cent to $237 million in the six months to Boxing Day. Net profit after tax for the first half of 2021 was projected to be between $170 and $174 million, an increase of between 196 and 201 per cent on the same time last year.
Chief executive Anthony Heraghty said the record half-year performance for the group came down to the “record online sales over the November cyber weekend and strong Christmas trading”.
“Strong cash flow generation leaves us well-placed in the second half to reinvest in our brands,” he said.
The group’s total sales growth was driven by the boating and camping BCF brand, which saw a 51 per cent increase in like-for-like sales over the period.
Super Cheap Auto sales were up 20 per cent, while sales at sports goods retailer Rebel increased 17 per cent on a like-for-like basis.
In early trading on Monday, shares rose 5.5 per cent on Friday’s closing price, hitting a high of $12.40 before settling 2.4 per cent higher at $12.03 just before 10.30am.
The only area of the business that struggled was Macpac, the outdoor clothing company that was forced to shut bricks-and-mortar stores in Melbourne and Auckland due to COVID-19 lockdowns. Sales dropped 3 per cent on a like-for-like basis.
The company said on Monday it was returning the $1.7 million in JobKeeper payments it had received from the Australian government.
Emma reports on healthcare companies for The Age and Sydney Morning Herald. She is based in Melbourne.
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