Super Retail Group, owner of brands including Rebel Sport and Supercheap Auto, has reported a 5.6% jump in profits for 2014.
The retail group’s net profit after tax rose to $108.4 million, while revenue lifted by 4.6% to $2.11 billion.
Super Retail Group managing director and chief executive Peter Birtles said in a statement the result, while in-line with forecasts, reflected mixed performance across the group.
Birtles said the auto retailing division was an outstanding performer with around 10% growth, but the company’s leisure and sports retailing arms had lagged.
“In the leisure retailing division, the BCF business was impacted by a slowdown in sales in stores that had previously benefited from investment in the mining industry,” said Birtles.
“The sports retailing division had a solid start to the year but performance was impacted by inventory supply challenges resulting from the implementation of new merchandise and supply management systems in October and from a slowdown in customer demand following the federal budget and a warmer start to winter.”
Tatts deals shareholders a bad hand with profit slump
Gambling group Tatts has posted its financials for 2014, disappointing shareholders with a decline in profits.
The company reported a 19% decline in its full-year net profit, falling from $247.3 million in 2013 to $200.4 million this year.
Revenue sank 7.9% to $2.868 billion for the year, compared with $3.116 billion in 2013.
In a statement, Tatts blamed the introduction of the Victorian government’s health benefit levy, which saw it pay an “illogical” $42.6 million poker machine levy on its “discontinued pokies business for the final 46 days that business operated.”
Shareholders have reacted to the news, pushing shares down to $3.42.
Shares up on open
Aussie shares have opened higher this morning, after closing on a new post-GFC high last night.
CMC sales trader Niall King said he expects local shares to continue to surge through today’s trade.
“With a decent lead from our US counterparts to lean on and a plethora of generally positive corporate earnings to digest, local participants have maintained their recent bullish bias,” said King.
The S&P/ASX200 benchmark was up 23.5 points to 5658.1 points at 11.56am AEST. On Wednesday, the Dow Jones closed 59.54 points higher, up 0.35% to 16979.1 points.
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Eloise is an experienced business journalist and editor, who has held senior editorial roles at SmartCompany since 2014. Prior to joining SmartCompany, Eloise was news editor at Books+Publishing, the trade press for the Australian book industry. Eloise has degrees in media and communications, marketing and business management, and political science. You can follow her on LinkedIn, and Twitter at @ellykeating.
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