Super Retail Group’s pandemic sales boom

Super Retail Group shares have hit their highest level since the start of the pandemic after the retailer said it had better-than-expected sales during the fourth quarter.

The company said like-for-like sales were up 3.6 per cent across its four businesses in the 52 weeks to June 27, with total sales up 4.2 per cent.

Comparable sales grew between 2.7 and 6.3 per cent at Supercheap Auto, Rebel Sports and BCF, but were down 9.1 per cent at Macpac.

Group sales were down 26.2 per cent in April but increased 26.5 per cent in May and 27.7 per cent in June, compared to the same months in 2019.

Super Retail Group said when it announces audited financial figures for the year on August 24, it expects to deliver revenue of about $2.82 billion, up from $2.71b in fiscal 2019.

It expects pro forma net profit after tax of between $153 million and $154m, compared to $153m in 2019, excluding the impact of $54m in remediation of team member underpayments and the exit of certain non-core businesses.

“Given the volatile trading environment, we are very pleased with these results,” said Super Retail Group chief executive Anthony Heraghty.

Super Retail Group shares were up 8.9 per cent to $8.83 at 12.30pm, and had traded as high as $9.20.

AAP