Economic headwinds that dampened consumer spending haven’t stopped Super Retail Group Ltd from delivering a robust financial performance for the 2024 financial year.
The company, which owns the Supercheap Auto, rebel, BCF and Macpac brands, delivered a record $3.9 billion in sales and a statutory net profit after tax (NPAT) of $240 million for the year to June 30.
The group experienced a modest 2% sales growth and a 9% rise in online sales but segment earnings before interest and taxes (EBIT) and profit before tax (PBT) saw declines of 9% and 12% respectively.
Notably, the company’s active loyalty membership increased by 12% to 11.5 million.
Shareholders will receive a fully franked final ordinary dividend of 37 cents per share and a special dividend of 50 cents per share.
Wilson Advisory says Super Retail had a "solid result in a tough environment" though underlying net profit of $245.1 million was 1.2% below consensus expectations.
Revenue is "resilient" with like-for-like sales up 4% on-year in the first seven weeks of 1H25, though in line with Wilson's expected run rate, and cost control driving strong operating cashflow.
The 50 cents per share special dividend beat Wilson's estimate of 25 cents and strong net cash of $218 million signals further capital management, the broker said.