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Super Retail Group Ltd (ASX: SUL) witnessed nearly 5% decline in its share price on Thursday following the release of a trading update for the second half of FY24. The announcement was made during the Macquarie Australia conference, where the retailer provided insights into its sales performance and details of the 2024 enterprise agreement.
Sales Update
The company shared several key sales metrics for the second half of FY24:
- Supercheap Auto reported a 1% increase in like-for-like (LFL) sales.
- Rebel experienced a 2% decline in LFL sales.
- BCF saw a 5% drop in LFL sales.
- Macpac recorded a 3% growth in LFL sales.
- Overall, the group's LFL sales witnessed a 1% decrease.
For the year-to-date period (weeks 1 to 43 of FY24), total sales growth was reported as follows:
- Supercheap Auto: 3% increase.
- Rebel: 2% decrease.
- BCF: 5% growth.
- Macpac: 2% rise.
- Total group sales: 2% growth.
Additionally, total group sales for March and April were approximately 1% higher than the same period last year. Supercheap Auto attributed its sales growth to strong demand in auto maintenance categories, while Rebel saw an improvement in footwear sales due to the introduction of new brand ranges.
BCF's LFL sales were impacted by softer trading during the Easter period, and Macpac's growth was driven by strong performance in New Zealand stores.
Details of the Enterprise Agreement
Super Retail announced the endorsement of its 2024 retail and CCC Enterprise Agreement by Australian team members, which has also been approved by the Fair Work Commission. The agreement covers a three-year term starting from 14 July 2024.
Under the new agreement, wages for all team members across Australian retail stores will receive higher penalty rates and base pay rate increases of 5.25% in FY25, 3.25% in FY26, and 3.25% in FY27. Eligible team members will also receive a one-off payment equivalent to 2.75% of their annual base pay before the end of FY24.
Anthony Heraghty, Managing Director and CEO of Super Retail, acknowledged the challenges posed by inflation and interest rates, stating that customers are becoming increasingly value-focused amid ongoing cost-of-living pressures. Despite growing foot traffic and transaction volumes, there has been an impact on the number of items per sale.
