Super Retail Group Posts $2.2B Sales as Club Membership Hits 13M Members
Super Retail Group posts $2.2 billion in half year sales as club membership tops 13 million
Super Retail Group has reported total sales of $2,194.7 million for the first half of FY26, representing a 4.2% increase on the prior corresponding period. The diversified retail group, which operates Supercheap Auto, rebel, BCF and Macpac, achieved like-for-like sales growth of 2.5% in what management described as a competitive retail environment.
Active club membership across the portfolio reached 13.0 million, an increase of 1.0 million members over the 12-month period. Club members now account for 85% of total sales, up 2 percentage points on the prior year. Customer net promoter score improved by 3 points to 74, indicating strengthening customer satisfaction across the brands.
The group reported market share gains in core auto (Supercheap Auto), sport (rebel) and adventure (Macpac) categories in Australia over the six-month period, according to Commbank IQ Key Competitor Market Share Analysis. Online sales grew 8.8% to $311.7 million, representing 14.2% of total sales, with Click & Collect now accounting for 47.6% of online transactions.
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What is like-for-like sales growth and why does it matter for retail investors?
Like-for-like sales growth measures revenue change from stores that have been open for at least 12 months. This metric excludes the impact of new store openings and closures, providing a clearer picture of underlying business performance.
For retail investors, like-for-like growth is a critical health indicator. It reveals whether existing stores are attracting more customers or generating higher spending per visit, independent of network expansion. A positive like-for-like result suggests genuine customer demand rather than growth manufactured through capital-intensive store rollouts.
Super Retail Group’s 2.5% like-for-like growth in H1 FY26 demonstrates organic momentum across the portfolio. This indicates the group’s brands are gaining traction with customers through improved ranging, promotional strategies and service delivery, rather than relying solely on new store openings to drive top-line growth.
Brand-by-brand performance reveals Supercheap Auto and Macpac leading the charge
Supercheap Auto delivered sales of $813.4 million (up 5.1%) with like-for-like growth of 3.5% and segment profit before tax of $102.1 million (up 4.5%). The automotive parts and accessories retailer maintained gross margin despite an elevated promotional environment and expanded its store network to 358 locations. Active club membership reached 5.0 million, with club members representing 84.6% of total retail sales.
Macpac achieved record first half sales of $121.5 million (up 13.1%) with standout like-for-like growth of 7.8%. Segment profit before tax more than quadrupled to $7.1 million as margin expanded by 420 basis points to 5.8%. The outdoor adventure brand benefited from positive operating leverage and a reduction in store numbers to 101 locations, with growth broad-based across Midlayers, Insulation and Baselayers categories.
rebel maintained momentum with sales of $740.4 million (up 4.8%) and like-for-like growth of 3.8%, though segment profit before tax declined 11.4% to $53.1 million due to gross margin pressure from promotional activity and operating deleverage from elevated store activity. The sporting goods retailer now operates 163 stores with 4.3 million active club members.
BCF recorded modest sales growth of 0.3% to $520.0 million, with like-for-like sales declining 1.6% due to weather impacts in southern states. Segment profit before tax decreased 12.3% to $39.3 million. The outdoor retailer operates 166 stores with 2.8 million active club members, with northern states (Queensland, WA, NT) performing strongly.
| Brand | Sales ($m) | LFL Growth | PBT ($m) | PBT Change |
|---|---|---|---|---|
| Supercheap Auto | 813.4 | +3.5% | 102.1 | +4.5% |
| rebel | 740.4 | +3.8% | 53.1 | -11.4% |
| BCF | 520.0 | -1.6% | 39.3 | -12.3% |
| Macpac | 121.5 | +7.8% | 7.1 | +317.6% |
Supercheap Auto delivers sustained momentum
Supercheap Auto achieved more than 500,000 fitments across the network, up 15% on the prior corresponding period, demonstrating growing service revenue capability. The brand launched its “Spend & Get” loyalty programme during the half, adding to customer engagement initiatives. Under the Bonnet categories such as Filtration, Lubricants, Braking and Batteries performed well, alongside ongoing momentum in Wipers and Safety & Comfort ranges. Online sales of $78.3 million represented 9.6% of total sales, with Click & Collect accounting for 81% of online transactions.
Macpac achieves record first half sales
Macpac’s strong performance was supported by an 8.9% like-for-like increase in Australia and a 5.9% increase in New Zealand, marking a positive rebound in the New Zealand market. The brand achieved a record club member net promoter score, with active club membership growing 14.2% to 0.9 million. Market share gains in Australia over the past 6 and 12 months were maintained despite a modest improvement in overall category growth. Online sales of $20.7 million represented 17.0% of total retail sales.
Earnings decline driven by project costs, not operational weakness
Normalised profit before tax declined 6.9% to $173.0 million, primarily due to planned project investments totalling $14.9 million in the half. These costs relate to the transition to the new Victorian distribution centre and implementation of a new HR Core and Payroll system. Operating profit from the four retail brands was broadly stable, with gains from Supercheap Auto (up $1.2 million) and Macpac (up $5.4 million) offset by declines at rebel and BCF.
Gross margin held at 45.4% (down 20 basis points), a disciplined result given the elevated promotional environment across retail categories. Normalised earnings per share came in at 54.0 cents (down 6.7%), while statutory net profit after tax declined 19.8% to $104.1 million after accounting for non-recurring items totalling $17.8 million.
The group maintained a net cash position of $107.8 million at period end, with operating cash flow of $415.7 million (up 7%) and cash conversion of 124.7% demonstrating the quality of earnings. The PBT margin compression of 90 basis points to 7.9% reflects the impact of project costs, which are expected to total $29 million in FY26 before benefits begin to flow through.
- Supercheap Auto contributed $1.2 million to operational PBT growth
- Macpac contributed $5.4 million to operational PBT growth
- Project costs represented an $11.5 million impact on group PBT
- rebel and BCF operating deleverage offset brand gains
New Victorian distribution centre positioned to unlock efficiencies
Automation testing at the new national distribution centre in Victoria is now complete, with the facility operational and ready for staged transition of brands through calendar 2026. The facility already serviced rebel’s southern states operations in H1 FY26, with BCF, Supercheap Auto and Macpac to progressively transition during 2026. The facility achieved Green Star Building certification by the Green Building Council of Australia.
Capital expenditure guidance for FY26 is set at $155 million, with store development, completion of the distribution centre, systems implementation and ongoing investments in cyber, omni and digital capability funded within this envelope. Group and Unallocated costs are anticipated to total $60 million in FY26, incorporating the $29 million in project costs associated with the Victorian distribution centre and HR system implementation.
Expected benefits from the new distribution centre include efficiencies in operating expenses, reduction in third-party logistics costs, working capital savings, greater scalability and enhanced online fulfilment and home delivery capabilities. Management has developed a commissioning plan to minimise operational risk during peak trading periods.
Dividend maintained at 32 cents as cash generation remains strong
The board determined to pay a fully franked interim dividend of 32.0 cents per share, unchanged on the prior corresponding period. Operating cash flow increased 7% to $415.7 million, with cash conversion of 124.7% reflecting favourable movements in working capital. The group maintains a net cash position of $107.8 million despite distributing a 30 cents per share special dividend (approximately $68 million) during the half from surplus cash on hand at June 2025.
The group applies a dividend payout policy of 55% to 65% of underlying net profit after tax, fully franked, whilst maintaining conservative credit metrics. Capital expenditure of $62.1 million was down $36.7 million on the prior corresponding period due to a lower weighting of capex in the first half of FY26, with ongoing investment in store refurbishments and network expansion totalling $35.4 million.
Capital Allocation Priorities
The group maintains a disciplined approach to capital management, prioritising ordinary dividends of 55-65% of underlying NPAT (fully franked), conservative credit metrics to support balance sheet strength, and continued investment in store network expansion and omni-retail capabilities.
Trading update signals continued momentum into second half
Group like-for-like sales growth of 3.5% in the first 8 weeks of H2 (weeks 27-34) confirms positive momentum is carrying into the second half. All four brands are now contributing positive like-for-like growth, with Supercheap Auto up 4.0%, BCF up 4.1%, Macpac up 8.7% and rebel up 1.8% despite inventory availability challenges from supplier disruptions.
Supercheap Auto’s improved like-for-like growth reflects customer response to improved ranging initiatives, with stronger growth in Australia driving the result. BCF reported a pleasing return to growth after cycling double-digit growth from the prior corresponding period, supported by moderating headwinds from the first half and a strong in-stock position at December period end. Macpac continues its strong growth trajectory as the team prepares for peak winter trade in the fourth quarter.
The group plans to open 12 new stores in H2 FY26, comprising 5 Supercheap Auto locations, 2 rebel stores, 4 BCF outlets and 1 Macpac store. Total stores at H1 period end stood at 788 across Australia and New Zealand.
The next major ASX story will hit our subscribers first
Investor Day scheduled for June 2026
Group Managing Director & CEO Paul Bradshaw and CFO David Burns will present a strategy update through to 2030 at an Investor Day on 11 June 2026. The event will be held at the Heritage Ballroom, Fullerton Hotel Sydney, and will feature presentations from the Managing Directors of each brand along with key members of the Executive Leadership team. Further information regarding timings and registration details will be shared in due course.
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