Half Year 2026 Super Retail Group Ltd Earnings Call Transcript
Key Points
- Super Retail Group Ltd (ASX:SUL) reported record half-year sales with a growth of 4.2%, driven by a 2.5% like-for-like growth and 1.7% from new store openings.
- The company entered the second half of FY26 in a strong financial position with a net cash balance of $107.8 million and no drawn bank debt.
- Supercheap Auto delivered a solid performance with a 5% increase in total sales to $813 million and maintained its gross margins despite competitive pressures.
- Macpac achieved record sales growth of 13.1% to $122 million, with a significant increase in profit before tax (PBT) by $5.4 million to $7.1 million.
- The company added 1 million active club members over the past 12 months, now totaling 13 million members, representing almost 85% of sales, with improved Net Promoter Scores across brands.
- The group experienced a decline in profit before tax (PBT) due to increased costs of doing business and project expenses, contributing to an $11.5 million decline in PBT.
- Rebel faced challenges with inventory availability and increased promotional activity, leading to a decline in PBT by $11.4 million to $53 million.
- BCF reported a modest like-for-like sales decline of 1.6% due to environmental factors affecting key categories such as fishing and marine sports.
- The company faced increased lease costs, with a 12.5% year-on-year rise in right-of-use asset amortization and lease interest.
- Rebel's gross margin declined by 40 basis points due to increased promotional activity, and the cost of doing business increased as a percentage of sales.
(audio in progress) in normalized NPAT are set out in the segment note in the appendix and includes costs associated with team member wage remediation as well as net legal and professional advisory fees and other adjustments related to a number of regulatory and litigation matters. The Board has determined to pay a fully franked interim dividend of $0.32 per share in relation to the first half of FY26, which is in line with the prior year interim.
The group entered the second half in a strong financial position. Strong cash conversion in the period has resulted in a net cash balance of $107.8 million with no drawn bank debt at period end.
I'll take you to slide 5, the first half sales. I will make further comments on growth for each of the brands in the following slides, but we'll take the opportunity to note here. Firstly, -- the group has delivered record half year sales. Sales growth of 4.2% was driven by a 2.5% like-for-like growth and 1.7% from new store openings. Like-for-like sales was mixed with the portfolio with a
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