Super Retail Group reported a first half profit before tax of $204 million for the period ended 30 December 2023, exceeding previously announced guidance.
First half sales increased by 3% to $2.0 billion with a like-for-like sales growth of 1%.
Group gross margin improved by 30 basis points to 46.5%.
Statutory net profit after tax (NPAT) was $143 million, with a slight decrease of 1% compared to the prior comparative period.
Online sales grew by 10% to $260 million, representing 13% of Group sales.
Active club membership across the brands increased by 15% to more than 11 million.
The company opened 17 new stores and upgraded five rebel stores.
The balance sheet remains strong with no drawn bank debt and a positive cash balance.
An interim dividend of 32 cents per share was declared, in line with the dividend policy of paying out 55% to 65% of underlying NPAT.
Like-for-like sales momentum slowed towards the end of H1 FY24, continuing into H2 FY24 with varied performance across brands.
The Group plans to invest $140 million in capital expenditure in FY24 for store development, a new distribution center, and enhancing digital capabilities.
Second half Group and unallocated costs are expected to be approximately $22 million, leading to a full-year segment NPBT impact of $37 million.
This announcement is a summary of the company approved ASX announcement on 22/2/2024.