Super Retail Group notes cost of living pressures

Super Retail Group (SGR) said on Thursday the ongoing cost of living pressure is impacting sales, despite foot traffic and transaction growth. 

The retailer announced at a Macquarie Group Australia Conference its group sales across March and April were around 1 percent higher than sales at the same time last year.

Super Retail Group managing director and chief executive officer Anthony Heraghty said, “Given current challenges around inflation and interest rates, our customers are managing their spending carefully and becoming increasingly value focused" [pdf].

“While store foot traffic and transaction volumes continue to grow, ongoing cost of living pressure is impacting number of items per sale,” Heraghty said. 

SRG also stated it’s has opened 20 stores and closed four stores in FY24 year to date with another seven stores set to open of the 2024 financial year [pdf]. 

The group recorded club members represented 76 percent of its first half sales, up four percent with 11.1 million active club members in total.

Moving forward, the group said on its next horizon is measuring performance and driving behaviour around average annual customer value. 

SRG 2024 Enterprise Agreement

In the presentation, SRG advised group’s 2024 retail and CCC Enterprise Agreement (EA) has been endorsed by our Australian team members and approved by the Fair Work Commission (FWC). 

The EA will run as a three-year term and will become operative from 14 July 2024.

“We believe the Enterprise Agreement represents a fair and reasonable outcome for the Group and our team members,” Heraghty said.