Aftermarket auto part retail group Bapcor has seen sales spike in the first quarter of the new financial year, with revenue up 27 per cent.
And, following the strong sales bump it has enjoyed, Bapcor is expecting half year revenue growth of at least 25 per cent on last year’s figures, and net profit growth of at least 50 per cent.
“We are very pleased with the strong performance of Bapcor’s businesses,” said chief executive officer and managing director Darryl Abotomey.
“Trade and wholesale represent over 80 per cent of Bapcor’s business, with retail circa 20 per cent. Historically, trade focused businesses perform solidly in difficult economic conditions – which is again borne out by Bapcor’s current performance.”
The group’s new Autobarn store format is driving an uplift in sales, as well as a bigger focus on its online business and growing product ranges.
And while the year ahead is uncertain, Bapcor has said its forecasted full year net profit after tax range of $110 million to $115 million isn’t an unreasonable goal. However, due to the inherent uncertainty in the retail industry following the peak of the Covid-19 pandemic, the business will update its full-year outlook when it delivers it’s first-half results in February.