Owner of Rebel Sport posts $34.9mn net profit

AAP
February 22, 2012

SUPER Retail Group shrugged off gloomy retail trading conditions to post a 40 per cent leap in first-half profit.
The retailer, which bought Rebel Sport in October, says sales have been strong going into the second half of its financial year.

It also plans to open new stores in the second half of its financial year.

Super Retail’s net profit rose to $34.9 million in the 26 weeks to December 31, 2011, from $24.9 million in the previous corresponding period.

Total revenue and other income rose to $759.8 million, from $562.4 million.

The company owns the sports and leisure chains Amart All Sports, BCF (Boating Camping and Fishing), FCO (Fishing Camping Outdoors), Goldcross Cycles, Ray’s Outdoors, Rebel Sport and Supercheap Auto.
In a statement today the company said the result was aided by new products, improved store presentation and inventory management.

Managing director Peter Birtles said the second half had started well, with strong sales growth and continued momentum.

Like-for-like sales growth, stripping out contributions from new stores, was about 3.5 per cent at the group’s automotive and cycle businesses in the first seven seeks of the second half.

Like-for-like sales were 7.5 per cent stronger in the leisure division and 3.5 per cent higher in the sports division.

“This is particularly pleasing given the continued generally depressed retailing conditions experienced during this period,” Mr Birtles said.

“We have a strong business model, focused strategy and expect continuing growth opportunities for our businesses in the future. We plan to continue to grow our store network, opening four new auto and cycle stores, six new leisure stores and two new sports stores during the second half.”

Super Retail declared an interim, fully-franked, dividend of 13 cents a share, up 13 per cent on the previous first half.