SRG lifts profit

Super Retail Group has grown its full year profit by 23 per cent as discerning shoppers tweak their budgets so they can afford to keep up their hobbies. Resource-3

The auto, sports, and leisure retailer lifted its profit to $102.7 million, up from $83.5 million in the previous financial year.

The group owns brands such as Ray’s Outdoors, BCF, Supercheap Auto, and sports retailer Rebel.

Peter Birtles, CEO, said although retail conditions remained “patchy”, people were still willing to pay to keep up their hobbies.

“We believe our customers will continue to spend money on their passions even when they tighten their belt in other areas,” he said.

Sports retail sales surged to $703.5 million for the financial year, up 53 per cent on 2011/12.

With a 50 per cent spike in traffic across the group’s websites compared to last year, he said more people are doing their research before snapping up a new fishing rod or tennis racket.

Looking ahead, he said the group hoped to add 25 new stores to its 600 existing locations. Two new distribution centres – one at Brendale in Queensland, the other at Erskine Park in NSW – will also be opened.

Despite posting a profit, Super Retail Group’s shares had slumped 48 cents at $12.47 at noon on Wednesday.

AAP

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