Super Retail Group (SUL) H2 2026 earnings summary

Executive summary

• Achieved record FY26 sales of AUD 4.2 billion, up 3.2% year-over-year, with 1.8% like-for-like growth and 1.4% from new store openings, despite Q4 disruption from geopolitical and economic headwinds.

• Normalized profit before tax declined 7% to AUD 306 million, with margin down 80 basis points to 7.3%.

• Embedded a new leadership team, launched a five-year strategy targeting a AUD 65 billion addressable market, and completed key investments including a new distribution center and HR/payroll system.

• Active club members grew 4.8% to 13.1 million, with improved NPS and club member share of sales.

• Board declared a fully franked final dividend of AUD 0.33 per share, totaling AUD 0.65 for the year; entered FY27 with net debt of AUD 14 million and a robust balance sheet.

Financial highlights

• Gross margin increased by 10 basis points to 45.7%.

• Normalized NPAT was AUD 226 million, down 2.8% year-over-year; statutory NPAT at AUD 206 million, down 7.2%.

• Operating costs rose 4% due to network expansion and inflation in rent and wages.

• Operating cash flow reached AUD 593 million, up AUD 16 million from prior year; cash conversion at 92%.

• Total capital expenditure was AUD 123 million, AUD 42 million below FY25.

Outlook and guidance

• FY27 started positively: like-for-like sales up 1.5%, total sales up 3.5% in first seven weeks.

• CapEx for FY27 targeted at AUD 160 million, focused on store development and Project Ignite transformation.

• Plans to open a net 18 new stores in FY27.

• Ongoing uncertainty from Middle East tensions, domestic interest rates, inflation, and housing market pressures.