The Super Retail Group Ltd (ASX: SUL) share price has jumped 14% after investors saw the FY25 result.
Super Retail operates four retail businesses – Supercheap Auto, Rebel, BCF and Macpac.
Super Retail FY25 result
Let’s look at the highlights for the 12 months to 28 June 2025:
- Sales rose 4.5% to $4.1 billion
- Gross profit margin down 50 basis points (0.50%) to 45.6%
- Segment EBIT (EBIT explained) flat at $400 million
- Normalised net profit declined 4% to $232 million
- Statutory net profit dropped 8% to $222 million
- Final dividend per share of $0.34
- Special dividend of $0.30 per share
The business saw a significant improvement in the first half compared to the second half of FY25.
In terms of like for like (LFL) sales growth, Supercheap Auto saw a decline of 0.1% in the FY25 first half and growth of 0.7% in the second half.
Rebel LFL sales growth was 2.6% in the first half and 4.3% in the second half.
BCF LFL sales growth was 3.9% in the first half and 7.2% in the second half.
Macpac LFL sales growth was 0.1% in the first half and 3.7% in the second half.
Total LFL sales growth was 1.8% in the FY25 first half and 3.4% in the second half.
Let’s look at what drove the individual performances of the segments.
Supercheap Auto
Supercheap Auto total sales increased by 2.1% to $1.5 billion thanks to network expansion, though competition was elevated throughout the year. It opened 11 stores, leading to 352 stores at the period end.
Automotive maintenance categories were key growth drivers, with strong performance in 12V power and car batteries.
The gross profit margin improved by 30 basis points (0.30%) as it maintained promotional discipline, prioritising profitability and growing gross profit dollars.
Rebel
Rebel total sales rose 4.8% to $1.4 billion, with growth being broad based – there were strong contributions from footwear and licensed apparel, women’s apparel and fitness technology.
However, the gross profit margin declined 110 basis points (1.10%) because of elevated stock loss and the impact of establishing the loyalty program.
It opened five stores and closed two, ending with 162 stores.
BCF
BCF’s total scales increased 7.9% to $951 million, helped by network expansion. Favourable weather conditions during peak periods also supported growth.
The business said fishing and touring led category growth. Fishing benefited from continued investment in the in-store tackle store initiative, while the touring category was buoyed by ongoing strength in the 4WD and caravan markets.
The gross profit margin decreased by 60 basis points (0.60%) thanks to investment in logistics and inventory availability.
It opened five stores and closed two, ending the period with 165 stores.
Macpac
Macpac’s total sales increased by 3.8% to $231 million, supported by new store openings.
Baselayers, midlayers and gear & accessories were among the best-performing categories. It reported market share growth in Australia.
The biggest change in profitability came at Macpac, while the gross profit margin increased 30 basis points (0.30%) thanks to disciplined promotional activity, the segment profit before tax (PBT) declined by 390 basis points (3.90%) because of negative operating leverage. While it opened a net six new stores, reaching 103 stores, they were yet to reach maturity.
Outlook for the Super Retail share price
In the first seven weeks of FY26, the business has seen ongoing sales growth. Supercheap sales increased 5.3%, Rebel sales rose 3.3%, BCF sales grew 6.4% and Macpac sales rose 7.6%. Group sales growth was 5% across all businesses.
Following interest rate cuts, the outlook seems positive for the business and the consumer. If its profit margins can be maintained or grow, then I’d say the business has a very positive outlook for the medium-term.
But, the Supercheap share price has already risen in response, so I wouldn’t say it’s a great time to buy this retailer.
