The Super Retail Group Ltd (ASX: SUL) share price is under the spotlight today after the retailer reported how it performed in the first half of FY26.
Super Retail is an ASX retailer than owns multiple businesses – Supercheap Auto, Rebel, BCF and Macpac.
FY26 first half update
The business told investors about how much total sales growth and normalised profit before tax (PBT) it generated in the first 26 weeks of the 2026 financial year.
The following growth numbers are compared to the first 26 weeks of FY25.
Supercheap Auto grew total sales by 5.1% to $813 million and generated normalised PBT of between $101 million to $102 million.
Rebel grew total sales by 4.8% to $741 million and made $53 million of normalised PBT.
BCF delivered total sales growth of 0.3% to $520 million and generated $39 million of normalised PBT.
Macpac delivered 13.1% sales growth and $7 million of normalised PBT.
Overall, the company achieved 4.2% of sales growth to $2.2 billion. Adding in group and unallocated costs of between $26 million to $28 million. That brought the group normalised PBT to between $172 million to $175 million.
Management commentary on performance
The Super Retail Managing Director and CEO Paul Bradshaw said that this was another record first-half sales result, though it came with an elevated level of “promotional intensity impacting realised gross margins, most notably in Rebel”.
Supercheap Auto saw revenue growth accelerate in the second quarter, with the gross profit margin broadly in line with the FY25 first half.
Rebel was cycling against a strong Christmas trading period from the prior year. Its gross profit margin was lower because of promotional activity. There were a lot of store costs in this period, impacting PBT, with seven store openings, six closures and three refurbishments/relocations.
BCF did not match the strong level of sales from FY25. Fishing and marine categories were “heavily impacted” in the period by weather & environmental factors in Victoria and South Australia. BCF gross margins were broadly in line with FY25.
While Macpac achieved 7.8% like for like sales growth, the gross profit margin was impacted by clearance activity earlier in the half.
Group and unallocated costs included the previously announced duplication costs associated with the new distribution centre in Victoria, as well as the implementation of a new Human Resources Core and Payroll platform. Both projects are on track to go live in the second half of FY26.
Is the Super Retail share price a buy?
After dropping 5%, the company is cheaper than it was last week. The business is still performing well, but it’s having to discount more to get sales.
I think discretionary retailers can be an attractive buy after falling, but 5% is probably not a large enough to be an incredible bargain.
There are other ASX growth shares I’d buy that have clearer growth prospects and less competition.
