Half Year 2024 Super Retail Group Ltd Earnings Call Transcript
Key Points
- First half sales increased by 3% to $2 billion, marking a record result.
- Gross margin improved by 30 basis points to 46.5%, maintaining pricing and promotional discipline.
- Statutory PBT of $204 million exceeded the guidance range, translating to a statutory NPAT of $143 million.
- The company has a strong financial position with no drawn-back debt and a positive cash balance.
- Online sales grew by 10% to $260 million, validating the omni-retail business strategy.
- Cost of doing business as a percentage of sales increased by 90 basis points due to inflationary pressures on rent, electricity, and wages.
- Rebel's like-for-like sales declined by 1% to $673 million, with a 23% drop in segment PBT.
- Macpac's gross margin declined by 200 basis points due to unfavorable exchange rate movements and a shift to lower-margin products.
- Inflationary pressures are expected to continue impacting wages and rent in the second half.
- The company is facing challenges in increasing the number of units per transaction, as customers are putting less in their baskets.
Welcome to the Super Retail Group's FY 2024 Half Year Results Presentation. Today's presentation will be made by Managing Director and CEO, Anthony Heraghty; and CFO, David Burns.
There will be an opportunity to ask a question at the end of the presentation. Today's presentation is for investors only. Members of the press who would like access to management should contact Kate Carini, whose contact details appear at the bottom of today's ASX announcement.
I would now like to hand the conference over to Anthony Heraghty to begin the presentation. Please go ahead.
Good morning, and welcome, everyone, to Super Retail Group's half year results presentation. In terms of the structure of today's presentation, I'll begin by speaking to some of our financial and operating highlights for the period, before discussing the performance of each of the brands. Our Chief Financial Officer, David Burns, is joining me this morning. Good morning,
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