ow are the four takeaways from the earnings call, providing a glimpse into how the group balanced innovation, pressure and strategy across its brands in FY25. 1. BCF: The stand-out performer BCF emerged as a clear standout in Super Retail Group’s FY25 results as it achieved “record sales” and 12 per cent profit-before-tax (PBT) growth. This is attributed to the brand’s strong execution across key outdoor categories.  A favourable weather pattern during the key trading period provided support, and BCF’s innovative “superstore” format delivered substantial returns.  “[A] key part of the growth strategy is the ongoing rollout of this superstore,” Super Retail Group CEO Anthony Heraghty said in the results announcement.  BCF’s combination of operational focus, in-store experience and timing stands out, suggesting areas other divisions might study. “Customers spend 1.5 times more at a superstore with high visitation, more items per basket and higher average item values, resulting in superstores contributing disproportionately to BCF’s overall growth,” Heraghty added.  With five superstores currently in operation, Heraghty said he sees scope to add 15-20 further locations in the near term.  2. Rebel: Growth undermined by theft Rebel delivered sound like-for-like sales growth of 3.5  per cent. Loyalty investment continued paying dividends, with the Rebel Active loyalty program garnering strong engagement during the year.  Heraghty also mentioned that Rebel “did experience a significant step up in stock loss activity during the period, which negatively impacted gross margins and offset top-line performance at a profit-before-tax level.”  The recent surge of organised theft has affected multiple Rebel stores, a problem that many other retailers are also facing. Industry groups such as the Australian Retailers Association (ARA) and the National Retail Association (NRA) have held multiple symposiums and engaged with government bodies to address the pervasive challenge of retail crime.  However, this isn’t about isolated incidents of shoplifting but rather coordinated efforts, with entire racks of merchandise being stolen and resold on secondary marketplaces. According to the ARA and the NRA, an estimated 800,000 retail crime incidents were reported in the past year, with 70 per cent of retailers noting increased customer theft.   Heraghty cited this as a “much more sustained and systemic problem” and encouraged staff involved with it to “find alternative employment.” 3. Macpac: Reinvention under new leadership Macpac’s FY25 performance was more mixed. While it posted record Boxing Day sales and expanded its store footprint, softness in New Zealand and elevated costs of doing business weighed on results. The appointment of Reuben Casey, ex-CEO of Kathmandu, signals a strategic intent for transformation.  “[We] look forward to working closely with Reuben to drive the next phase of growth impact,” Heraghty said.  Macpac has grown from 24 to 64 stores over the past seven years since FY18. The new leadership appointment suggests a deliberate push to derive greater returns from both its Aussie portfolio and its long-standing New Zealand market. 4. Supercheap Auto: “A challenging year” Supercheap Auto delivered the least impressive results among the four core brands. While Australia delivered modest like-for-like growth of 0.7 per cent, performance in New Zealand faltered with a 2.7 per cent decline.“It’s fair to say it was a challenging year for Supercheap Auto, with ongoing market softness in New Zealand and elevated competitive activity in Australia, resulting in a full-year like-for-like sales growth outcome that’s just below expectations,” said Heraghty.However, strategic adjustments were made in the second half of FY25, which resulted in true like-for-like sales growth and gross margin performance, and a restoration of PBT growth in the half. In July, Supercheap Auto also unveiled its “Spend & Get” loyalty program, supplanting the previous Best Price Credit scheme. The initiative is expected to drive both increased store visitation and higher spend per visit, outperforming its predecessor in engaging and retaining members. What’s ahead Super Retail Group’s FY25 results highlight the dual nature of retail today that comprises opportunities and obstacles running in parallel.  Super Retail Group benefitted from operational execution, innovative formats and loyalty initiatives, yet systemic challenges from rising organised theft and competitive pressures tempered its gains. Across the portfolio, strategic shifts in store experience, customer engagement and leadership highlight that the business is preparing to shape its own path forward in an evolving market.