First Impression: Super Retail (SUL) Full year Result

Bell Potter

Stockbroker

Like-for-like (LFL) growth: Auto 4.4% LFL growth (vs 3.9% for 1H16). Cycling FY15 LFL growth of 2.2%.o Sports 6.3% LFL growth (vs 6.1% for 1H16). Cycling FY15 LFL growth of 6.6%. Leisure 4.4% LFL growth (vs 2.6% for 1H16). Cycling FY15 LFL growth of -0.6%. EBIT margins: Auto EBIT margin of 11.3%, +0.1% movement vs pcp;. Leisure EBIT margin of 3.2%, -2.7% movement vs pcp; Sports EBIT margin of 9.5% +0.9% movement vs pcp | Sales trading update for first 7 weeks of 1H17: Auto 3.5% (cycling +2.5%); Sports 4.0% (cycling 4.5%); and Leisure 10.0% albeit with benefit of Ray’s clearance as part of restructure (but also cycling +10.4% due to the clearance program in Rays in the pcp) | Store development plan in FY17:Auto: Open 15 stores and close one. 50 refurbishments; Leisure: Ray’s clearance activity and store closures are on track. To open 14 BCF stores (3 new sites and 11 conversions for Ray’s sites);Sports: Open 2 Rebel stores and 12 Amart Sports stores (including 5 conversion of Ray’s sites).


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Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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