By Stuart Condie
SYDNEY–Australian retail conglomerate Super Retail expects its fiscal first-half profit to slip by up to 8.3% as costs rise more quickly than sales.
The ASX-listed company on Monday said that it expects a normalized pretax profit for the six months through December of between 200 million Australian dollars (US$133.7 million) and A$203 million. It posted a pretax profit of A$218 million in the first half of fiscal 2023.
Super Retail anticipates record first-half revenue of A$2 billion, up from A$1.96 billion a year earlier, but said that inflation in wages, electricity and rent had increased its cost of doing business as a percentage of sales.
Its Rebel Sport unit was particularly affected due to the number of staff per store and the composition of its lease portfolio, it said.
Write to Stuart Condie at [email protected]
Read the full article here
