Super Retail Group Ltd

SUL: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$25.00	Nnxhg	Plysdlsp

Super Retail Earnings: Likely More Challenges Ahead Unless Sales Momentum Picks Up.

Johannes Faul

Aug 22, 2024

Narrow-moat Super Retail Group delivered a solid fiscal 2024 result in the context of rampant cost inflation and subdued consumer sentiment. Sales increased by 2% on the previous corresponding period, or PCP, driven by store rollouts and strong growth in online sales. While gross margins held up year on year, cost inflation drove down pretax margins by some 150 basis points to 8.8%. Underlying NPAT dropped by 11% to AUD 242 million, just 2% short of our forecast.

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