Super Retail Group Limited · ASX:SUL
Super Retail — H1 FY2025 Earnings Presentation
42 slides from Super Retail's earnings presentation, Feb 20, 2025
Slide 1: Super Retail Group Half Year Results FY2025
For personal use only FY 2025 Super Retail Group Half Year Results Authorised for release by the Board of Super Retail Group Limited 20 February 2025 Anthony Heraghty Group Managing Director & Chief Executive Officer
Slide 2: Group highlights
Group highlights For personal use only SUPER RETAIL GROUP 2
Slide 3: First half highlights
For personal use only First half highlights • Generated positive like-for-like growth in a challenging consumer environment • Continued investment in network expansion and store refurbishments • Further strengthened omni-channel capabilities, with strong online growth • Strong execution of peak trad
Slide 4: Financial and operating highlights
Financial and operating highlights • Sales up 4 per cent to $2.1 billion For personal use only • Group like-for-like sales growth of 1.8 per cent • Group gross margin decreased by 70 bps to 45.6 per cent • Statutory PBT of $184.4 million • Statutory NPAT of $129.8 million and normalised NPAT of $130
Slide 5: Solid first half sales result
Solid first half sales result Sales revenue increased by 4 per cent to $2.1 billion For personal use only GROUP H1 SALES GROWTH SALES ($M) BY BRAND H1 SALES H1 LFL SALES GROWTH (%) GROWTH (%) 1.7 (0.1) 4.4 2.6 2,107 2,026 1,958 6.9 3.9 1,776 1,705 1.7 0.1 1,444 TOTAL GROUP 4.0 1.8 Dec 19 Dec 20 Dec
Slide 6: Gross margin and CODB
Gross margin and CODB Gross margin investment in rebel loyalty, costs have been well managed in a challenging environment For personal use only GROUP GROUP CODB AS GROUP PBT GROSS MARGIN A % OF SALES1 MARGIN Gross margin Higher CODB as a % of sales Comfortably ahead of declined by 70 bps reflecting
Slide 7: Customer highlights
Customer highlights Growth in active club members, store NPS and club member percentage of total sales for all four brands For personal use only ACTIVE CLUB CLUB MEMBER CLUB MEMBER MEMBERS1 NPS % OF SALES 12.0m (UP 0.9M) 71 (UP 2) 79% (UP 3 ppts) CLUB MEMBER CLUB MEMBER CLUB MEMBER CLUB MEMBER NPS (
Slide 8: Store network highlights
Store network highlights Delivering on strong pipeline of new store openings in FY25 For personal use only NEW TARGETED STORES STORE CURRENT OPENED IN OPENINGS IN H2 STORES H1 774 19 9 H1 STORE H1 STORE H1 STORE H1 STORE OPENINGS OPENINGS OPENINGS OPENINGS 7 4 1 7 TARGETED H2 TARGETED H2 TARGETED H2
Slide 9: Digital and omni-retail highlights
Digital and omni-retail highlights CLICK & Online sales grew 10 per cent, 92 per cent of all sales completed GROUP H1 H1 ONLINE COLLECT % OF H1 in store For personal use only ONLINE SALES SALES GROWTH ONLINE SALES H1 FY25 BRAND SALES BY CHANNEL $286m 10% 46% HOME DELIVERY % OF H1 SALES 5 YEAR CAGR I
Slide 10: First half results and brand highlights
First half results and brand highlights For personal use only 10
Slide 11: Group results
Group results For personal use only H1 FY25 H1 FY24 $m Change (26 weeks) (26 weeks) Total sales1 2,106.7 2,025.9 4.0% Total segment EBITDA 393.2 402.0 (2.2%) Segment D&A 175.1 168.7 3.8% Total segment EBIT 218.1 233.3 (6.5%) Finance costs 32.3 27.0 19.6% Normalised segment PBT 185.8 206.3 (9.9%) Seg
Slide 12: Segment results
Segment results For personal use only H1 FY25 H1 FY24 $m (26 weeks) (26 weeks) Segment Sales PBT Sales1 PBT Supercheap Auto 773.8 97.7 760.5 107.3 rebel 706.5 59.9 676.7 65.1 BCF 518.4 44.8 484.9 41.2 Macpac 107.4 1.7 105.6 7.9 Group and 0.6 (18.3) (1.8) (15.2) Unallocated Total 2,106.7 185.8 2,025.
Slide 13: Supercheap Auto highlights
Supercheap Auto highlights For personal use only Supercheap Auto is Australia and New Zealand’s favourite1 specialty automotive parts and accessories retail business • Challenged result for Supercheap Auto • Network expansion delivered modest growth on the prior year’s record result • Maintained gro
Slide 14: Supercheap Auto results
For personal use only • Total sales increased by 1.7 per cent to $774 million driven by network expansion $m H1 FY25 H1 FY24 Change • Like-for-like sales declined 0.1 per cent with modest declines in transaction volumes mostly offset by higher average transaction value Sales 773.8 760.52 1.7% • Like
Slide 15: rebel highlights
rebel highlights For personal use only rebel is Australia’s leading sporting goods and apparel retailer. Our goal is to inspire all Australians to live their sporting dreams and passions • Record sales results achieved over the key Christmas trading period • Completed the first full year of the rebe
Slide 16: rebel results
For personal use only • Total sales grew by 4.4 per cent to $706 million, with growth accelerating in the second $m H1 FY25 H1 FY24 Change quarter culminating in a record Christmas trading period • Like-for-like sales grew by 2.6 per cent with growth in both number of transactions and average transa
Slide 17: Positive start for the rebel active loyalty program
Positive start for the rebel active loyalty program Outcome For personal use only Average Annual Member Spend 4.0m Increase visitation (Indexed to Feb 23) CLUB MEMBERS HAVE Drive uplift in new EARNED POINTS 103 member sign ups 102 101 Rebel loyalty Start $78m % of active club members earning points
Slide 18: BCF highlights
BCF highlights For personal use only BCF is Australia’s favourite1 outdoor retailer, with stores in every Australian state and territory • Record first half sales driven by higher transaction volumes • Solid growth in camping supported by key expansion categories - fishing, caravan and 4WD • Club me
Slide 19: BCF results
• Total sales increased by 6.9 per cent to $518 million driven by like-for-like sales growth For personal use only $m H1 FY25 H1 FY24 Change and network expansion. Customers responded well to key ranging and merchandising initiatives. • Sales were further supported by a strategic investment in stock
Slide 20: Macpac highlights
Macpac highlights For personal use only Macpac is New Zealand’s original, technical outdoor brand that gives you the confidence and spirit to take on anything • Record Boxing Day sales • Continued market share gains in Australia • Seven new stores opened in H1, including the launch of new premium st
Slide 21: Macpac results
• Total sales increased by 1.7 per cent to $107 million driven by new store openings For personal use only $m H1 FY25 H1 FY24 Change • Like-for-like sales increased by 0.1 per cent in the period. Growth in the number of transactions was offset by lower average transaction value. • Like-for-like grow
Slide 22: Group and unallocated
Group and unallocated For personal use only • Group and unallocated includes corporate costs not allocated to segments and customer, omni, digital, loyalty and other project costs $m H1 FY25 H1 FY24 • Group and unallocated costs increased by $3 million to $18.3 million, due largely to the movement i
Slide 23: Group balance sheet
Group balance sheet For personal use only • Total inventory was $69 million (or 8 per cent) more than pcp, reflecting the $m Dec 24 Dec 23 expansion of the store network, as well as a strategic decision to increase stock availability over peak trading periods – most notably at rebel and BCF Inventor
Slide 24: Group cash flow
Group cash flow For personal use only • Operating cash flow of $389 million was down 19 per cent or $89 million $m Dec 24 Dec 23 compared to pcp, due to the prior year base benefiting from one less payment cycle in H1 FY24 of approximately $98 million. Operating cash flow 388.6 478.1 • Continued str
Slide 25: Returns, capital ratios and fx
Returns, capital ratios and fx For personal use only • The Group has delivered normalised EPS of 57.9 cents • The Directors have determined to pay a fully franked interim dividend of H1 FY25 H1 FY24 Change 32 cents per share • Normalised fixed charge cover ratio of 2.3x compared to 2.4x in June 2024
Slide 26: Dividends and capital management
Dividends and capital management For personal use only • The Group applies the following key principles in relation to dividends and capital 1.2 DPS HISTORY management: • Dividend payout policy – pay ordinary dividends equating to 55 per cent to 65 1 per cent of underlying NPAT, fully franked • Bala
Slide 27: Corporate strategy
For personal use only Corporate strategy 27
Slide 28: Our strategy
Our strategy 1 GROW THE FOUR CORE BRANDS For personal use only Growing annual 2 LEVERAGE CLOSENESS TO OUR CUSTOMER customer value PRIMARY VALUE Ensuring organic growth and 3 CONNECTED OMNI-RETAIL SUPPLY CHAIN LEVERS capital discipline 4 Being an SIMPLIFY THE efficient BUSINESS omni-retailer 5 EXCEL
Slide 29: Delivering on our strategy in FY25
Delivering on our strategy in FY25 For personal use only GROW THE FOUR LEVERAGE CLOSENESS CONNECTED OMNI- SIMPLIFY THE EXCEL IN OMNI- CORE BRANDS TO OUR CUSTOMER RETAIL SUPPLY CHAIN BUSINESS RETAIL EXECUTION Current Focus Areas • 5-year Brand strategies continue in • Active customer growth remains •
Slide 30: New Victorian distribution centre
New Victorian distribution centre planned opening beginning in H2 FY25 For personal use only Automated DC a step change in group supply chain capabilities The new Victorian DC is well progressed toward a measured and phased opening starting as early as H2 FY25. Anticipated savings arising from more
Slide 31: Investment in stores underpins outlook for capital expenditure
Investment in stores underpins outlook for capital expenditure For personal use only PORTFOLIO CAPEX Investing in stores and supply chain in FY25 Investment in new stores and refurbishments continues to underpin the annual capital expenditure envelope Capex on loyalty is now largely complete with th
Slide 32: Sustainability and team
Sustainability and team For personal use only 32
Slide 33: Sustainability and team
Sustainability IMPROVED HEALTH, SAFETY AND WELLBEING and team 3.4% 4956 45% For personal use only ESG RATINGS Reduction in Total Team members Team members Recordable Injury participating in the engaged with Sonder’s S&P Global ESG Score comfortably Frequency Rate “I Am Here” program care platform (T
Slide 34: Trading update
For personal use only Trading update 34
Slide 35: FY25 trading update
FY25 trading update Like-for-Like Sales Growth Total Sales Growth For personal use only FY25 v FY24 FY25 v FY24 (Weeks 27 to 33) (Weeks 27 to 33) Supercheap Auto 0% 2% rebel 7% 8% BCF 11% 14% Macpac 5% 13% Group Total 5% 7% • Like-for-like sales momentum has been positive in the first 7 weeks of tra
Slide 36: FY25 trading update
FY25 trading update For personal use only • The Group is targeting capex in FY25 of $165 million to fund its store development program, a new distribution centre, enhancements to its customer loyalty programs and cyber, omni and digital capability • As previously flagged, the Group expects to incur
Slide 37: Appendix – Store network, performance trends and segment notes
Appendix 1 – Store network, performance trends and segment notes For personal use only SUPER RETAIL GROUP 37
Slide 38: The Group has a network of stores across Australia and NZ
The Group has a network of 774 stores across Australia and NZ For personal use only NT 6 QLD 3 1 2 179 87 39 46 7 WA Supercheap Auto (348 stores) 74 SA ACT 33 15 20 6 rebel (163 stores) 50 16 NZN 22 11 14 3 4 4 3 5 NSW 59 BCF (162 stores) 196 35 24 Macpac (101 stores) 86 51 44 15 VIC 151 60 40 29 22
Slide 39: Performance trends
Performance trends Reported Total Segment PBT ($m) For personal use only Reported Sales ($m) 251 218 206 2,026 2,107 186 1,958 1,776 161 1,705 1,403 1,444 1,296 1,324 106 114 1,216 105 100 83 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 1 Dec 24 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 D
Slide 40: Segment note H1 FY25
Segment note H1 FY25 For personal use only SUPER RETAIL GROUP 40
Slide 41: Segment note H1 FY24
Segment note H1 FY24 For personal use only SUPER RETAIL GROUP H1 FY24 sales have been updated for a reclassification in the current year to include revenue from freight recovery which was 41 previously reported as an offset to cost of goods sold.
Slide 42: Important notice and disclaimer
Important notice and disclaimer For personal use only This presentation has been prepared by Super Retail Group Limited ABN 81 108 676 204 ("SRG"). It provides summary information about the activities of SRG and its subsidiaries current as at the date of this presentation. The information in this pr