Resctructures hit SRG

Rebel sportThe retailer behind Rebel sports stores and Ray’s Outdoors has nearly halved its first half profit after carrying out a major restructure.

Super Retail Group’s net profit fell 45.5 per cent to $33.6 million in the 26 weeks to December 27, from $61.6 million, as a result of the costs from the restructure of its leisure business.

Stripping out those costs, net profit was $58.1 million while revenue dipped 5.7 per cent to $1.16 billion.

The company declared an interim fully franked dividend of 18.5 cents a share.

The group said the second half had begun well, with solid like for like sales growth across its auto, leisure and sports divisions.

But, it said, it would close its New Zealand-based Fishing Camping Outdoors (FCO) business after a major review found that it was unlikely the division would achieve the group’s return on capital hurdles within a reasonable time.

AAP

Comments

Comment Manually

I have read and agree to the Terms and Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Inside Retail Polls

Is the US-China trade war having an impact on your business?
Vote

Twitter

#AlceonGroup announce first Victorian @Lego_Group store to open in @WestfieldAU Doncaster #retail https://t.co/qMfYJp5WFM

3 days ago

Almost half of online marketplace @Kogan gross profit for FY19 came from its private label offering #retail #onlinehttps://t.co/lLwhKBnVp2

4 days ago

Talks of a merger between @OZretailers and @retailaustralia have come to a close, with the parties failing to align… https://t.co/hkqHyDsBkr

2 weeks ago
x

SUBSCRIBE
FREE NEWS BRIEFS Get breaking news delivered