Super Retail Group has reported moderating like-for-like sales growth in its 2026 AGM trading update, with the group’s performance reflecting broader consumer weakness. The update reveals mixed results across the group’s portfolio, with resilience in core automotive and lifestyle divisions offset by headwinds in outdoor retail and demand-sensitive categories.
Supercheap Auto demonstrated the strongest performance, growing like-for-like sales by 2.5% and gaining market share despite the challenging consumer environment. The automotive aftermarket retailer’s resilience suggests its core customer base remains relatively insulated from discretionary spending pressures, though total sales growth of just 0.2% indicates that same-store growth was partially offset by other factors, possibly store closures or format changes. Rebel achieved like-for-like growth of 0.3%, also gaining market share, though total sales grew 3.4%, suggesting the apparel and footwear brand benefited from new store openings or acquisitions during the period.
Macpac presented the clearest evidence of trading difficulties, with like-for-like sales declining 1.1% and total sales falling 14.3% year on year. Management attributed the outdoor retailer’s weakness to year-on-year promotional cycling and milder winter conditions that reduced demand for seasonal goods. This combination of structural and weather-related factors suggests the Macpac challenge may prove temporary, though the magnitude of the total sales decline warrants close monitoring.
The group’s BCF division, typically a growth driver, faced particular pressure from higher fuel prices, which disproportionately affect boating and recreational customers already adjusting spending patterns downward. Management cites specific external factors such as fuel prices and seasonal conditions, which suggests the group retains reasonable pricing power and customer retention, even if near-term volumes are constrained.
Management’s emphasis on disciplined cost management and margin optimisation indicates the company is treating current revenue growth headwinds as cyclical and is focusing on profitability. The fact that year-to-date earnings remain in line with management’s expectations despite moderating sales suggests operational leverage and cost discipline are offsetting volume pressures, at least at the earnings level.
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Become an AR or CARInvestors should monitor whether the market share gains at Supercheap Auto and rebel prove sustainable through the remainder of FY27, particularly if consumer conditions deteriorate further. The trajectory of Macpac’s sales, especially as seasonal factors normalise and promotional cycles reset, will also merit close attention. This announcement is price sensitive and has been flagged as material by the ASX.
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About Super Retail Group Limited (ASX: SUL)
Super Retail Group Limited is an Australian retailer operating multiple retail brands including Supercheap Auto, Rebel, BCF, and Macpac. The company sells automotive parts and accessories, sporting goods, outdoor leisure products, and camping and fishing equipment across Australia and New Zealand. It is one of the largest retailers in these retail categories in the Australasia region.
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