Super Retail Group’s statutory profit tripled during the last six months, the business announced on Wednesday, as customers increasingly wanting to spend time outdoors following lockdowns and movement restrictions.
Net profit rose 201 per cent to $172.8 million during the period, while EBIT margin grew to 14.4 per cent.
Group like-for-like sales, which encompass Supercheap Auto, Macpac, BCF and Rebel, grew 24 per cent during the half, while group online sales rose 87 per cent to $237.4 million.
Anthony Heraghty, chief executive officer, said the business’ focus on omnichannel, as well as its higher gross margin, was “instrumental” in the result.
“The investment [in omnichannel] has supported 64 per cent compound annual growth in group online sales over the past four years,” Heraghty said.
“The strong operating leverage that the group has been able to deliver in the first half, during a period of robust online sales growth, clearly reinforces the profitability of our digital sales and the scalability of our omniretail platform.”
Supercheap Auto sales rose 20.2 per cent to $661.9 million, driven by strong performances in Western Australia, Queensland and South Australia, while online sales rose 46.1 per cent.
Rebel’s online sales, however, doubled to $119.9 million, while total sales rose 17 per cent to $623.7 million. Boating, Camping, Fishing’s online sales also doubled to $50.5 million, though made making up a smaller percentage of the overall sales figure of $427.7 million – up 50.9 per cent.
Macpac was the only business to see sales fall – down 5.3 per cent – though online sales did increase 93.9 per cent to $12.8 million.
And, during the first seven weeks of the second half, the retail group saw like-for-like sales up 30.5 per cent.
“We do expect current levels of consumer spending will moderate when government stimulus is phased out and international travel restrictions ease,” Heraghty said.