Super Retail bucks sector weakness

Super Retail Group has bucked the general weakness in national retail trade, reporting a solid lift in half year sales and being rewarded with a lift in its share price.

The company, which operates seven retail businesses, including Super Cheap Auto, stated that, on a like for like basis it lifted sales by 3.5 per cent.

Adding in the contribution from its recently acquired Rebel Sports and Amart All Sports stores, total sales rose by 35 per cent to $758.6 million.

Mr Peter Birtles, Group Managing Director, said, “We are very pleased with the contribution of all three of our divisions. Our Auto and Cycle and our Leisure divisions have continued to deliver solid like for like sales growth maintaining the performance delivered over the last five years.

The significant improvement in trading performance can be attributed both to the team’s commitment over the busy Christmas trading period and plans introduced by the new management team to clear out dated inventory”.

The strongest results from the Leisure Division were 9.9% higher than the previous half year period where a change in ranging strategy in the Ray’s Outdoors business offered customers a wider range of national and international branded products.

The results will include the costs of acquiring the Rebel Sports and Amart All Sports businesses and of establishing FCO Fishing Camping Outdoors business.

Super Retail Group’s share price rose ten cents to $5.56 after reaching an intra-day high of $5.67 today.