Super Retail Group has reported strong results in the first half of FY23 across its four key brands, including Macpac and Rebel, along with a $30 million lower inventory level compared to the first half of FY22.
Outdoor brand Macpac reported the strongest first half sales growth for 1H FY23 (ending December 31) of 55% against the same period last year (1H FY22). It also reported a like-for-like sales growth of 54% in the same period.
Sportswear brand Rebel reported a 13% rise in first half sales for 1H FY23, and like-for-like sales of 11% for the same period.
Super Retail Group’s first half revenue is expected to be $1.96 billion and first half normalised profit before tax (PBT) is expected to be between $212 million and $218 million.
Rebel reported the second highest 1H revenue of $682 million, below Supercheap Auto’s $728 million. Macpac reported $101 million in revenue.
This is a preliminary result and remains subject to audit review and finalisation. The Group will release its final first half results on February 16, 2023.
The Group also said that its inventory is being well managed with a $30 million drop in inventory level compared to 1H FY22. Over that same period, inventory units cover (weeks) has decreased by approximately one month.
The Group’s inventory balance is expected to continue to normalise during the second half as purchase orders are adjusted to reflect current stock levels.
Group MD and CEO Anthony Heraghty said its four key brands traded strongly over the peak cyber sales and Christmas holiday trading period.
“Effective and targeted promotions and a disciplined approach to cost management has ensured that this top-line growth has translated into strong first half earnings,” Heraghty said.
“I would like to thank all our team members, whose commitment to our loyal customers and tireless efforts have helped to deliver a positive outcome for the business.”