Super Retail Group (SRG) has delivered a record first-half sales result, with group revenue expected to reach $2.2 billion for the 26 weeks to 27 December 2025.
This is up 4.2 per cent year-on-year, supported by growth at Rebel and Macpac despite heightened promotional activity weighing on margins.
The ASX-listed retailer said first-half normalised profit before tax is expected to land between $172 million and $175 million, subject to audit, with like-for-like sales up 2.5 per cent across the group.
Group managing director and CEO Paul Bradshaw said trading conditions remained competitive, with elevated promotional intensity across the market impacting realised gross margins, most notably within Rebel.
“Super Retail Group traded well, albeit with an elevated level of promotional intensity impacting realised gross margins, most notably in Rebel,” Bradshaw said.
Rebel delivered like-for-like sales growth of 3.8 per cent for the half, with total sales up 4.8 per cent, cycling a strong Christmas trading period in the prior year.
The sporting goods chain generated first-half revenue of $741 million and normalised profit before tax of $53 million.
However, profitability was pressured by increased promotional activity and an active store program during the period. Rebel undertook seven store openings, six closures and three refurbishments or relocations in the half, with associated costs weighing on earnings.
“Rebel delivered credible like-for-like sales growth in the half,” Bradshaw said. “Realised gross margins were lower due to higher levels of promotional activity, and store network activity was high in the period.”
Macpac was a standout on sales, posting like-for-like growth of 7.8 per cent and total sales growth of 13.1 per cent for the half.
The outdoor brand delivered first-half revenue of $122 million and normalised profit before tax of $7 million.
While sales momentum remained strong, gross margins were impacted by clearance activity earlier in the half, as the business worked through inventory.
“Macpac continued to realise strong like-for-like sales momentum,” Bradshaw said. “Gross margins were impacted by clearance activity earlier in the half.”
At the group level, Super Retail ended the half with no drawn bank debt and a positive cash balance. Group and unallocated costs included duplication costs linked to the new Victorian distribution centre and the rollout of a new HR core and payroll platform, both of which remain on track to go live in the second half.
Final audited first-half results will be released on 26 February 2026.