Super Retail Group (SUL) H2 2025 earnings summary

Executive summary

• Revenue surpassed $4.07 billion for the first time, growing 4.5% year-over-year, with 2.6% like-for-like growth and network expansion contributing 1.9%.

• Growth accelerated in the second half across all brands, with Supercheap Auto and Macpac showing stronger momentum in the final quarter.

• Continued investment in store network (31 new stores), omni-channel capabilities, and loyalty programs drove customer engagement and sales.

• Online sales grew 8.2% to $524.3 million, now 12.9% of total sales, with Click and Collect accounting for nearly half of online sales.

• Record active club membership and improved team member safety and engagement.

Financial highlights

• Gross margin declined 50 basis points to 45.6%, with improvement in the second half.

• Normalised PBT declined 3.9% to $329.4 million (PBT margin 8.1%, down 70 basis points).

• Normalised NPAT was $232 million; statutory NPAT $221.8 million, down 7.6%.

• Fully franked final dividend of $0.34 per share, special dividend of $0.30 per share; total annual dividends $0.96 per share.

• Operating cash flow of $577 million, with 95% cash conversion and $63 million cash balance at year-end.

Outlook and guidance

• Entering FY 2026 in a strong financial position, with positive trading momentum in the first seven weeks (like-for-like growth 3.1%, total growth 5%).

• Store openings to moderate to 23 in FY 2026, with 9 closures planned.

• Targeting $155 million capex in FY26 for store development, distribution centre completion, and digital investments.

• No expectation of further special dividends unless liquidity position changes materially.

• Group and Unallocated expenses in FY26 expected to total $60 million, including $29 million for payroll and distribution centre transition.