AFR: Super Retail Group Records a 20% Surge in Like-for-Like Sales
Super Retail Group's excellent start to the new fiscal year has continued, with all four of its brands achieving same-store sales growth in the first quarter, including outdoor wear brand Macpac, which increased by 76% due to wet weather in Australia.
The company's same-store sales were up sharply at 20% in the first quarter, according to CEO Anthony Heraghty. That being said, investors are cautioned about projecting this rise due to lockdowns a year earlier. He also stressed the importance of the Christmas season for first-half performance, as he anticipates consumer spending to be affected by increased interest rates.
“While current trading remains strong, the group expects higher mortgage rates and increased cost of living expenses will begin to impact consumer spending,” Anthony told shareholders at the annual meeting on Thursday. “The value proposition of the group’s brands, our large active club member base and the resilience of our key auto and sports categories mean the group is well positioned for more challenging retail trading conditions ahead," he added.
More, Anthony noted that Supercheap's sustained success in business was made possible by the company's store renovation initiative, with car maintenance being the top-performing division. The AFL and NRL finals periods were a boon for licensed sales at Rebel, while a rise in mall foot traffic and stock availability from major global sports brands also contributed to the company's success.
Over the past year, the retailer opened 21 new stores, bringing its total to 716 across Australia and New Zealand. As part of the refurbishment of its network, the company is also upgrading new store formats, such as Rebel's 11 rCX stores, which showcase global brands on a larger scale.
Source: Super Retail registers 20pc jump like for like sales
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