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

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