Australia's Super Retail Group's revenue up 2.2% to $2.63 bn in FY24

Super Retail Group, a major player in the Australian retail market, has reported a revenue of AU$3.89 billion (approximately $2.63 billion) in fiscal 2024 (FY24), representing a 2.2 per cent increase from the previous fiscal (FY23). Despite the growth in revenue, the company experienced a decrease in net income, which fell by 8.7 per cent to AU$240.1 million, down from AU$263 million in FY23.

The decline in net income contributed to a lower profit margin of 6.2 per cent, compared to 6.9 per cent in the previous year. The drop in profit margin was primarily attributed to higher operational expenses throughout the year. Earnings per share (EPS) also saw a decline, dropping to AU$1.06 from AU$1.17 in FY23, reflecting the overall decrease in profitability, the company said in a press release.

The company's like-for-like sales growth presented a mixed picture across its various brands. Rebel brand faced challenges, with a 2 per cent decline in like-for-like sales for the full year, despite a slight improvement in H2 FY24 with a 2 per cent drop compared to a 3 per cent drop in H1 FY24. Total sales for Rebel fell by 1 per cent for FY24. Macpac remained flat with no growth in like-for-like sales across both halves of FY24, resulting in a modest 3 per cent total sales growth for the year.

The group's overall like-for-like sales remained flat for FY24, with a slight decline of 1 per cent in H2 FY24, offsetting the 1 per cent growth in H1 FY24.

Fibre2Fashion News Desk (DP)