Full Year 2026 Super Retail Group Ltd Earnings Call Transcript
Key Points
- Super Retail Group Ltd (ASX:SUL) delivered positive like-for-like sales growth of 1.8% and total sales growth of 3.2% to $4.2 billion, with gross margin expanding by 10 basis points to 45.7%.
- The company's loyalty program continues to strengthen, with 13.1 million club members representing over 85% of sales, and net promoter scores improving to 70.
- Rebel achieved strong performance with 3.8% like-for-like sales growth, 60 basis points gross margin improvement, and 4.3% profit before tax growth, driven by successful FIFA World Cup campaign and improved promotional discipline.
- Supercheap Auto delivered market share gains and a 6-point increase in club member net promoter score to 75, with over 1 million fitments completed, up 12% year-on-year.
- The group maintains a strong balance sheet with only $14 million debt, strong operating cash flow of $593 million, and a fully franked final dividend of $0.33 per share, bringing total dividends to $0.65 per share.
- The new Tregonina distribution center is operational and on track to unlock national distribution center functionality, which is expected to drive working capital benefits in the future.
- The group has a positive start to FY27 with 1.5% like-for-like sales growth and 3.5% total sales growth in the first seven weeks.
- Normalized profit before tax declined by 7% to $306 million, with profit before tax margin down 80 basis points to 7.3%.
- BCF faced a challenging year with like-for-like sales falling 2.1% and segment profit before tax margin declining 90 basis points to 5.5%, impacted by unfavorable weather and the fuel crisis.
- The fuel crisis and Middle East tensions negatively impacted trading during the key Easter period and created uncertainty for the FY27 outlook.
- Group unallocated costs increased by $28.5 million due to higher project investments ($19 million) and increased net interest expense ($6.6 million).
- Inventory levels increased by 8% year-on-year, with a 6% increase in net inventory per store, partly due to tactical investment and cost inflation.
- Macpac's trading momentum softened in the fourth quarter due to mild winter conditions, with like-for-like sales growth of only 1.5% and subdued demand in New South Wales and Victoria.
- The company faces headwinds from elevated inflation, interest rate rises, and pressure on housing markets, which are weighing on consumer confidence.
Welcome to the six full year results presentation for Super Retail Group. Today's presentation will be made by the group's Chief Executive Officer and Managing Director, Mr. Paul Bradshaw and its Chief Financial Officer. Mr. David Burns. There will be an opportunity at the end of the presentation.
This call is for investors only. Media wishing to obtain access to management Kate Carrini. GM. Whose contact details appear on today's ASX announcement.
I would now like to hand over to Mr. Paul Bradshaw, to begin today's presentation, please go ahead.
Thank you operator, good morning. Welcome everybody to Super Retail Group's FY 264 year results presentation. I will begin by speaking to some of our financial and operating highlights for the period before discussing the performance of each of our brands. Our Chief Financial Officer will provide you with some more detail on the financial results.
I will then provide a trading update for the 1st 7 weeks of FY27. There will
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