Full ASX Announcement

Today Super Retail Group announced a net profit after tax attributable to owners for the 52-week period ended 26 June 2021 of $301.0 million.

EPS was 133.4c up 139% YoY. This is expected by the market and in line with analyst forecasts. Commsec analyst consensus forecast was 139c per share, slightly higher than reported.

Group sales were $3.45 billion up 22% like-for-like (LFL), but slightly behind the LFL sales growth reported in the Trading Update for the first 44 weeks announced on 4 May 2021.

Online sales have grown by 43% to $425.6 million, likely driven by COVID 19 lifestyle changes.

The standout performance was from BCF. Total sales increased by 49.1 per cent to $797.7 million. Like-for-like sales increased by 48 per cent due to increased transactions and higher average transaction value. Online sales grew by 90 per cent to $86 million, representing 11 per cent of sales.

Boating, camping and fishing categories all grew strongly, reflecting elevated levels of domestic tourism and leisure activity. Caravan, 4WD, camp shelter & bedding, barbeque, trailer, water sports, footwear and apparel were among the fastest growing sub-categories.

Given the sales and earnings are in line with guidance, the record result is likely to be already factored in to the share price.

Highlights from the Announcement:

• Total Group sales up 22 per cent to $3.45 billion
• Group like-for-like sales growth of 23 per cent
• Online sales up 43 per cent to $415.6 million
• Segment earnings before interest and tax (EBIT) up 80 per cent to $476.8 million
• Segment normalised profit before tax (PBT) up 108 per cent to $435.8 million
• Normalised NPAT up 107 per cent to $306.8 million
• Basic EPS up 139 per cent to 133.4 cents
• Fully franked final dividend of 55.0 cents per share, bringing the full year dividend to 88.0 cents per share
• Active club members up 22 per cent to 8 million

Group Managing Director and Chief Executive Officer, Mr Anthony Heraghty said the record sales and earnings result for FY21 was driven by unprecedented consumer demand in our lifestyle and leisure categories. He said successful omni- retail execution, investment in the supply chain and focus on inventory management have been key in meeting elevated volumes of demand in both in-store and online channels.

In particular, the Group’s omni-retail business strategy and digital capability are providing the flexibility to pivot to online channels to meet shifts in consumer behaviour during COVID-19 lockdowns.

Disc: Held IRL