Key Highlights

  • Group sales increased 3.2% to $4.2 billion, while like-for-like sales growth was 1.8% for FY26.
  • Normalised PBT declined 7.0% to $306.2 million and normalised NPAT fell 2.8% to $225.9 million.
  • Statutory NPAT decreased 7.2% to $206 million, despite a 10 basis-point improvement in gross Margin to 45.7%.
  • The Board declared a fully franked final Dividend of 33 cents per share, taking FY26 Ordinary Dividends to 65 cents per share.

Super Retail Group (ASX:SUL) reported FY26 results showing higher group sales but lower profit as operating costs, project Investment and financing expenses weighed on earnings. Revenue reached a record $4.2 billion, while statutory NPAT declined 7.2% to $206 million. The result covered the year ended 27 June 2026 and included mixed trading performances across Supercheap Auto, rebel, BCF and Macpac.

Group Sales Increase as Trading Conditions Remain Mixed

Group sales increased 3.2% to $4.2 billion, with like-for-like sales growth of 1.8%. Online sales increased 5.3% to $552 million, representing 13.1% of total sales compared with 12.9% a year earlier. Click & Collect sales increased 10.3% and accounted for 47.5% of group online sales.

Supercheap Auto sales increased 3.9% to $1.6 billion, supported by new stores and 2.7% like-for-like growth. rebel recorded 4.5% sales growth to $1.4 billion, with like-for-like sales increasing 3.8%.

BCF sales were broadly unchanged, rising 0.2% to $952.7 million, while like-for-like sales declined 2.1%. Macpac sales increased 3.5% to $239.5 million, although like-for-like growth was 1.5% after Demand moderated late in the financial year.

Earnings Decline Despite Higher Gross Margin

Group gross margin increased 10 basis points to 45.7%. However, normalised cost of doing Business increased 5.6%, equivalent to a 90-basis-point increase as a percentage of sales.

Operating costs rose 4%, reflecting network expansion and higher wage and occupancy expenses. Investments in the new Human Resources Core and Payroll system and the transition to the Truganina distribution centre added further costs.

Segment EBITDA increased 2.1% to $774 million, but segment EBIT declined 2.7% to $389 million. Normalised PBT fell 7.0% to $306.2 million from $329 million, while the normalised PBT margin declined 80 basis points to 7.3%.

Normalised NPAT decreased 2.8% to $225.9 million, or 100 cents per share. Statutory NPAT fell 7.2% to $206 million from $222 million.

Brand-Level Performance

Supercheap Auto delivered segment PBT growth of 3.3% to $203.3 million, although its gross margin declined 30 basis points because of product mix. Online sales increased 17% to $147 million, while the business ended the year with 362 stores.

rebel recorded a 4.3% increase in segment PBT to $105.1 million. Its gross margin improved 60 basis points, supported by promotional discipline and product mix. Online sales reached $253 million, representing 18% of total sales.

BCF recorded a 14.3% decline in segment PBT to $52.3 million. Its like-for-like sales decline and higher costs contributed to a 90-basis-point reduction in the segment PBT margin.

Macpac was the exception among the four brands on profit growth. Segment PBT increased 32% to $13.6 million, with the margin rising 120 basis points to 5.7%. However, its Australian business faced weaker demand, with mild winter conditions affecting sales of insulation products.

Cash Flow and Balance Sheet

Operating Cash Flow increased $15.8 million to $593.1 million, although operating cash conversion declined to 92% from 95% as the company invested more in working capital.

Inventory increased $73.1 million to $959.9 million, reflecting network expansion, cost-of-goods Inflation and additional Working Capital directed toward product availability.

Total Capital Expenditure declined $42 million to $123 million. The group ended FY26 with net Debt of just $14 million, remaining within its targeted gearing range.

Dividend and FY27 Trading

Super Retail Group declared a fully franked final ordinary dividend of 33 cents per share. Combined with the 32-cent interim dividend, FY26 ordinary dividends totalled 65 cents per share. The company had also paid a separate 30-cent Special Dividend relating to FY25 during the year.

The opening seven weeks of FY27 produced group like-for-like sales growth of 1.5% and total sales growth of 3.5%. Supercheap Auto recorded 4.0% like-for-like growth, while rebel increased 1.1%. BCF posted 0.4% like-for-like growth. Macpac declined 8.9% on a like-for-like basis.

The group expects FY27 capital expenditure of approximately $160 million and plans to open a net 18 stores, while continuing investment in its Project Ignite transformation programme.

Conclusion

Super Retail Group’s FY26 performance shows sales growth across the group but weaker reported profitability. Higher gross margin and increased Operating Cash Flow were accompanied by higher costs and project investment, contributing to declines in normalised PBT, normalised NPAT and statutory NPAT. Supercheap Auto and rebel delivered profit growth, while BCF recorded a significant decline and Macpac increased profit despite softer late-season demand. The FY27 trading update indicates positive group sales momentum, although Macpac remains under pressure and broader consumer and economic conditions continue to affect the retail environment.