The Super Retail Group Ltd (ASX: SUL) share price declined 8.8%, more than reversing the gains of yesterday.
Super Retail Group is a retail conglomerate that traces its history back to the 1970s, it’s now one of the biggest in the country. It operates a number of recognisable retail brands including BCF Boating Camping Fishing, Macpac, Rebel, and Supercheap Auto. It’s headquartered in Brisbane and has over 12,000 employees in Australia, New Zealand and China.
Super Retail Shares Suffer
The Super Retail share price has suffered a steep decline today, despite yesterday’s fairly pleasing update.
Super Retail Group achieved 4.3% like for like (LFL) sales growth in the first 17 weeks of the second half of FY19. When added to the first half’s figures, the Super Retail Group has achieved total sales growth of 4.4%, with like for like sales growth of 3.3%.
However, with continuing falls for house prices and a tough retail operating environment, it seems as though seem investors are having a second think about holding onto their shares.
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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).
At the time of publishing, Jaz does not have a financial interest in any of the companies mentioned.