Australia's Super Retail Group's sales rise 3% to $2 bn in H1 FY24

The group's gross margin improved by 30 basis points, reaching 46.5 per cent, which is significantly above pre-COVID levels. However, statutory net profit after tax (NPAT) saw a slight decrease of 1 per cent, totalling $143 million compared to the previous year, the company said in a press release.

Inventory levels rose by $26 million, or 3 per cent, reflecting the expansion of the group's store network. Despite this increase, the average inventory per store has seen a decline compared to the previous period.

Online sales for the group surged by 10 per cent to $260 million, now accounting for 13 per cent of total group sales. Of these online sales, click and collect transactions represented 47 per cent.

Among the group's portfolio, Rebel experienced a 1 per cent decline in total sales to $673 million, attributed to a dip in consumer spending in the second quarter. Like-for-like sales decreased by 3 per cent, primarily due to a reduction in units per transaction.

Conversely, Macpac, the group's outdoor apparel and equipment retailer, saw total sales increase by 4 per cent to $105 million, largely driven by new store openings. However, like-for-like sales in Australia fell by 5 per cent following a warm, dry winter, impacting consumer demand for winter-specific products.

“Super Retail Group is pleased to report first half profit before tax of $204 million, above the previously announced guidance range. I would like to recognise the hard work of our 15,000 team members who have been instrumental in achieving this positive outcome. To have delivered record first half sales of more than $2 billion and net profit after tax of $143 million is a very good result in the context of an increasingly challenging consumer environment,” said group managing director and chief executive officer Anthony Heraghty.

Fibre2Fashion News Desk (DP)