The parent company of activewear chain Rebel Sport is not racing out of the financial starting gates.
Super Retail Group, which also operates leisure and auto stores, has posted a 5.6 per cent rise in net profit to $108.4 million for the first 12 months to June 28.
This is in line with forecasted earnings of between $107 million and $109 million.
The forecast was downgraded in June following weaker sales attributed to tighter spending following the May federal budget.
Managing director Peter Birtles said the group expects sales growth to gradually recover.
“We expect like for like growth in the first half of the year to be modest given the strong growth in the first half of the prior year and the softness in consumer confidence,” he said.
“But we expect higher second half growth as benefits from operating improvements are delivered and as we cycle less demanding comparatives.”
Earnings margins are expected to grow through a combination of sourcing, ranging, promotions and cost management initiatives.
The company's like-for-like sales in the first six weeks of the new year are just ahead of the previous corresponding period.