Super Retail Group – the parent company of Rebel, Macpac, BCF and Supercheap Auto – has issued 138,244 performance rights under its Employee Equity Incentive Plan this week.
Based on Super Retail’s current share price ($15.55 - as of 11:00am, November 5), these performance rights are valued at around $2.15 million if vested and converted to ordinary shares.
The rights are being distributed across Super Retail’s top executives, including the group’s CFO David Burns, and the four bosses of its four retail subsidiaries – Reuben Casey (Macpac), Benjamin Ward (Supercheap Auto), Michael Wassman (BCF) and Gary Williams (Rebel).
Williams and Ward have been issued 32,258 performance rights each, Burns scored 30,798 rights, with Casey getting 26,542 rights and Wassman issued 16,388 rights.
Wassman recently jumped into the managing director role of BCF after prior role holder Paul Bradshaw was promoted to group CEO last month. That came after the sacking of Anthony Heraghty from the top post following new information arising from a court case between him and the group and two former employees over allegations of workplace bullying and an undisclosed romantic relationship between Heraghty and the then HR boss.
That court matter has since been settled.
Following Heraghty’s firing, Super Retail Group board chair Judith Swales told shareholders at its 2025 AGM that Heraghty’s incentives were lapsed, including both vested and unvested (but unexercised) performance rights, as well as the cash component of the FY25 short term incentive. This totalled a market value of more than $7 million.
The recent issuing of performance rights follows a robust FY25 for the group, where total sales lifted 4.5 per cent in a challenging retail environment, hitting just over $4 billion. All four retail businesses grew sales compared to FY24. However, three of the four subsidiaries reported slips in profit before tax (PBT) in the same period.
BCF – which also sells ski, hiking and fishing gear – was the only one to grow PBT, from $54.3 million in FY24 to $61 million in FY25. Macpac’s PBT fell from $18.8 million to $10.3 million, while Rebel’s slipped by $1.6 million to $100.8 million. Supecheap Auto’s FY25 PBT was $196.9 million, down from $202.9 million in FY24.
“The group faced a challenging retail environment in FY25, with consumers continuing to be cautious with their spending – most notably in New Zealand; elevated competitive and promotional intensity across pockets of our business; and ongoing inflationary pressure on our key cost lines,” Burns said at the group’s AGM last month, when he was then interim CEO as well.
“In this context, we were pleased to be able to continue to grow our revenue from last year’s record base with contributions from both like-for-like sales, continued strong online growth and store network expansion.”
Super Retail Group also reported sales growth in the first 16 weeks of FY26, with like-for-like sales up 2.6 per cent and total sales up 4.5 per cent.
“Whilst macro-economic conditions appear to be improving, the outlook for consumer spending remains uncertain. We expect consumers to continue to manage their spending carefully and prioritise value for money purchases,” Burns said.
“As always, the group’s first half result will be highly dependent on trading in the peak Christmas period, with the cyber sales event commencing in the coming weeks.”