Super Retail Group (SUL) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of Indigenous connections and the launch of the first Reconciliation Action Plan, aiming to advance reconciliation and partnerships with Indigenous organizations.

• Emergency procedures and hybrid meeting format were outlined, with opportunities for both in-person and virtual participation.

• CEO Anthony Heraghty presented the AGM, outlining the Group's vision and strategic direction for FY25.

• Introduction of directors, executive team, and external auditor; agenda included financial highlights, trading update, Q&A, and formal business items.

Financial performance review

• Achieved record revenue of AUD 3.9 billion, up 2%, with gross margin rising to 46.3%.

• Segment profit before tax fell 12% to AUD 343 million; statutory net profit after tax was AUD 240 million; normalised net profit after tax was AUD 242 million.

• Delivered shareholder returns of 30% for the year, with a net cash position of AUD 280 million and no bank debt.

• Segment results: Supercheap Auto $1.5b sales (+3%), rebel $1.29b (-1%), BCF $879m (+5%), Macpac $222m (+3%).

• Online sales grew 9% to AUD 485 million, representing 13% of total sales.

Board and executive committee updates

• Judith Swales elected as incoming chair, succeeding Sally Pitkin; Penny Winn and Colin Storrie joined as non-executive directors.

• Howard Mowlem retired; Kate Burley to join the board next month.

• Board succession planning and director expertise highlighted.