Supercheap Auto races on

Written on the 10 March 2009

 

Supercheap Auto Group has reported nine per cent half yearly net profit increase after tax to $13.6 million.
 The directors have declared a fully franked interim dividend of 6.5 cents per share, an increase of 18 per cent over the prior year. The dividend will be paid on March 31 with a record date of March 9.
Supercheap Auto Group managing director Peter Birtles, says the results demonstrated the continued strong performance of both Supercheap Auto and its Boating Camping Fishing (BCF) franchise.
“Despite the widely reported downturn in retail conditions, both businesses have maintained their level of like for like sales growth without any changes to planned marketing and promotion programs,” says Birtles.
 “The performance has been driven by a continued commitment to product range and inventory management, product development, store operational standards and supply chain efficiency.”
The company reduced net debt by $12 million during the first half, despite $30 million being invested in new and refurbished stores.
BCF sales increased by 30 per cent to $101.6 million, reflecting the opening of six new stores and 6.8 per cent like for like sales growth. EBIT increased by $3.1m (64.6 per cent) to $7.9m. Birtles says the second half of 2009 had started well.
“Like for like sales growth in Supercheap Auto has been more than five per cent, while BCF has delivered like for like sales growth in excess of 10 per cent, for the first seven weeks of the second half,” says Birtles.
“We continue to expect our businesses to grow their sales at a faster rate than the markets in which they operate. The Group plans to open one to two new Supercheap Auto stores, three to five BCF stores and one Goldcross store during the second half.
“Both Supercheap Auto and BCF are on track to slightly improve EBIT margins over the full year, while Goldcross is expected to report a negative EBIT contribution of around $2 million, reflecting the investment in business development and store set up costs.”

Latest News

1700 BRISBANE APARTMENTS NOW MANAGED BY FORTUNE 500 COMPANY JLL

MULTINATIONAL and Fortune 500 company JLL (NYSE: JLL) has expanded its Australian dominance in the property managemen...

HARVEY NORMAN HITS OUT AT 'FALSE NEWS' OF ASIC INVESTIGATION

RETAIL giant Harvey Norman (ASX: HVN) has vehemently rejected reports its accounts are under investigation by ASIC, s...

RARE GOOD NEWS FOR SLATER AND GORDON AS ASIC CLOSES INVESTIGATION

ASIC has cleared Slater and Gordon of deliberately falsifying its accounts after a three-month investigation.

It s...

Q & A WITH FACEBOOK GURU ANDY MCKEON AS HE JOINS AUSTRALIAN SOFTWARE COMPANY LIVETILES

HE was creative director at Apple under the legendary Steve Jobs, and is now a senior Facebook executive. In his n...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter