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

SUPER RETAIL GROUP SAYS GOODBYE TO AMART SPORTS BRAND

A BRAND synonymous with Australian sporting goods, Amart Sports, will be retired from 1 November 2017. Super R...

SUPREME COURT GRANTS LEAVE FOR CLASS ACTION AGAINST DICK SMITH

A CLASS action law suit against Dick Smith has been given the green light for shareholders impacted by the company...

NEXTDC SHARES SOLD OFF AS ONGOING SPAT WITH 360 CAPITAL CONTINUES

SHAREHOLDERS in data centre operator NextDC (ASX: NXT) have dumped their stock in the company as its ongoing war of w...

SURVEY SAYS COUNTEROFFERS MIGHT BE A WASTE OF MONEY

TO RETAIN the best and brightest employees it sometimes seems like a good idea to offer more money, but recent res...

Related News

SUPER RETAIL GROUP SAYS GOODBYE TO AMART SPORTS BRAND

A BRAND synonymous with Australian sporting goods, Amart Sports, will be retired from 1 November 2017. Super R...

SUPREME COURT GRANTS LEAVE FOR CLASS ACTION AGAINST DICK SMITH

A CLASS action law suit against Dick Smith has been given the green light for shareholders impacted by the company...

NEXTDC SHARES SOLD OFF AS ONGOING SPAT WITH 360 CAPITAL CONTINUES

SHAREHOLDERS in data centre operator NextDC (ASX: NXT) have dumped their stock in the company as its ongoing war of w...

SURVEY SAYS COUNTEROFFERS MIGHT BE A WASTE OF MONEY

TO RETAIN the best and brightest employees it sometimes seems like a good idea to offer more money, but recent res...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter