Super Retail Group (SUL) H1 2026 earnings summary

Executive summary

• Sales rose 4.2% year-over-year to AUD 2.2 billion, driven by 2.5% like-for-like growth, network expansion, and market share gains in a competitive retail environment.

• Supercheap Auto and Macpac delivered strong profit growth, while rebel and BCF saw profit declines due to increased promotional activity, project costs, and environmental factors.

• Net cash balance at period end was AUD 107.8 million, with no drawn bank debt.

• Active club membership grew by 1 million to 13 million, now accounting for 85% of sales.

• Continued investment in omni-channel capabilities, store network expansion, and the new automated Victorian distribution centre.

Financial highlights

• Gross margin declined by 20 bps to 45.4% due to increased promotional activity.

• Normalized PBT was AUD 173 million, down 6.9%; normalized NPAT was AUD 121.9 million, down 6.8%.

• Operating cash flow increased 7% to AUD 416 million, with cash conversion at 125%.

• Normalized EPS was AUD 0.54, down 6.7% year-over-year.

• Interim dividend of AUD 0.32 per share, fully franked, in line with prior year.

Outlook and guidance

• Positive like-for-like sales momentum in the first eight weeks of H2, with group like-for-like sales growth of 5.0%.

• CapEx for FY26 targeted at AUD 155 million, focused on store development, distribution centre completion, and digital investments.

• Project costs for new distribution centre and HR system expected to total AUD 29 million for FY26.

• 12 new stores planned for H2.

• New strategic vision to be shared at Investor Day in June.