Super Retail Group is undertaking a $203 million capital raise to ramp up its omnichannel operations.
It follows a surprising trading period for the Group, which operated unscathed throughout the COVID-19 lockdown period.
It saw year-on-year online sales more than double during April and May to represent 18.2% of overall sales.
While Super Retail Group saw a 26.2% fall in sales during the month of April compared to the previous corresponding period, like-for-like sales rallied back in May growing 26.5%.
Super Retail Group wants to use the capital raise to improve CX, analytics and supply chain.
The company is issuing approximately 28.2 million new shares to raise $203 million at a fixed price of $7.19 a share.
The equity raising comprises an institutional entitlement offer and a retail entitlement offer.
It has the support of founder Reg Rowe, who has committed through the entities he controls to take up his full entitlement of $59 million.
Super Retail Group CEO Anthony Heraghty said the company was well placed to seize market disruption.
“We are very pleased with the robust trading performance of the Group despite COVID-19 and thank our team members for their dedication to the business during the pandemic.
“The execution of our strategy has continued during COVID-19, with our four core brands well positioned to take advantage of shifts in consumer behaviour that have been observed through the pandemic.
“The equity raising enables us to continue the execution of our strategy, further strengthen our omni-retail capabilities and continue to organically grow our four core brands.”
Rebel’s sales for FY20 were $945 million, up 2.1% on the previous corresponding period.
Macpac’s sales fell 10% to $109 million, impacted by the New Zealand government-imposed closure.
Super Retail Group is the parent company of retailers including Supercheap Auto, Macpac, BCF and Rebel Sport.