Super Retail share price falls 5% on difficult trading update

MotleyFool05-09

The Super Retail Group Ltd (ASX: SUL) share price is down 5% after the retailer announced a trading update for the second half of FY24. Super Retail was presenting at the Macquarie Australia ...

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Super Retail also reported total sales growth for weeks 1 to 43 :. Supercheap Auto benefited from strong demand in auto maintenance categories, including lubricants, power and car detailing.Rebel footwear sales improved thanks to the introduction of new and expanded brand ranges , though apparel demand remains \"subdued\".Super Retail said its 2024 retail and CCC Enterprise Agreement  has been endorsed by its Australian team members and approved by the Fair Work Commission . The EA covers a three-year term, starting from 14 July 2024.Super Retail managing director and CEO ","collect":0,"end_time":0,"defaultTopTitle":"fool.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4577":"网络游戏","SUL.AU":"SUPER RETAIL GROUP LTD","XKO.AU":"标普/澳交所 300指数","BK4585":"ETF&股票定投概念","BK7128":"专卖店","BK4085":"互动家庭娱乐","BK4533":"AQR资本管理(全球第二大对冲基金)","LFL":"LATAM Airlines Group S.A. ADS","BK4588":"碎股","XAO.AU":"标普/澳交所 普通股指数","BK4532":"文艺复兴科技持仓","EA":"艺电","XJO.AU":"标普/澳交所 200指数"},"translate_title":"超级零售股价因交易困难而下跌5%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"EA":1,"LFL":1,"SUL.AU":1,"XAO.AU":0.69,"XJO.AU":0.69,"XKO.AU":0.69},"content_text":"The Super Retail Group Ltd (ASX: SUL) share price is down 5% after the retailer announced a trading update for the second half of FY24.\nSuper Retail was presenting at the Macquarie Australia conference today, which included its sales update and details of the group's 2024 enterprise agreement.\nSales update\nThe business reported a few different sales statistics.\nFor the second half of FY24, like-for-like (LFL) sales growth for weeks 27 to 43 showed:\n\nSupercheap Auto LFL sales rose 1%\nRebel LFL sales fell 2%\nBCF LFL sales declined 5%\nMacpac LFL sales increased 3%\nOverall group LFL sales dropped 1%\n\nSuper Retail also reported total sales growth for weeks 1 to 43 (FY24 year to date):\n\nSupercheap Auto sales increased 3%\nRebels sales fell 2%\nBCF sales grew 5%\nMacpac sales went up 2%\nTotal group sales rose 2%\n\nThe retailer's total group sales across March and April were approximately 1% higher than the prior corresponding period.\nSupercheap Auto benefited from strong demand in auto maintenance categories, including lubricants, power and car detailing.\nRebel footwear sales improved thanks to the introduction of new and expanded brand ranges (including Hoka and On), though apparel demand remains \"subdued\".\nBCF's LFL sales reflected \"softer trading in the key Easter period and the cycling of clearance activity\" in the prior corresponding period.\nMacpac's sales growth was driven by a \"strong performance\" in New Zealand as inbound travel boosted sales in key tourist destination stores.\nIt also revealed the group gross profit margin is \"in line\" with the prior corresponding period. The business has opened 20 stores and closed four in FY24 so far. It expects to open another seven stores before the end of FY24.\n2024 enterprise agreement\nSuper Retail said its 2024 retail and CCC Enterprise Agreement (EA) has been endorsed by its Australian team members and approved by the Fair Work Commission (FWC). The EA covers a three-year term, starting from 14 July 2024.\nThe new EA will see all wages-paid team members across the group's Australian retail stores receive higher penalty rates and an increase in base pay rates to the tune of a 5.25% increase in FY25, 3.25% in FY26 and 3.25% in FY27.\nThe EA applies to the store wages component of the group's employee expenses (not support office employee expenses) and excludes retail management. Prior to the EA, on 2 July 2023, the group increased retail team member base pay rates by 3%.\nEligible team members will also receive a one-off payment equivalent to 2.75% of their annual base pay, with this to be paid before the end of FY24.\nManagement comments\nSuper Retail managing director and CEO Mr Anthony Heraghty said:\n\nGiven current challenges around inflation and interest rates, our customers are managing their spending carefully and becoming increasingly value focused.\nWhile store foot traffic and transaction volumes continue to grow, ongoing cost of living pressure is impacting number of items per sale.\n\nSuper Retail share price snapshot \nSince the start of 2024, the Super Retail share price has dropped 18%.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.0","shortVersion":"4.24.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2434082839"}