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

2017 MELBOURNE TOP COMPANIES 41-50

THIS WEEK Business News Australia will reveal the 2017 Melbourne Top 50 Companies, featuring all the movers and sh...

FORMER MFS EXECUTIVES HIT WITH DISQUALIFICATIONS AND MASSIVE FINES FOR MISAPPROPRIATING FUNDS

FIVE key players involved in an investment company that collapsed in 2008 owing $2.5 billion have been ordered to ...

SURFSTITCH BATTLING FOR SURVIVAL

QUEENSLAND based online retailer SurfStitch Group has gone into a voluntary trading halt for three months after it wa...

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

Related News

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal C...

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to ...

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