Shares in the owner of Rebel stores are going off

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Shares in Super Retail took off after the owner of Supercheap Auto, Rebel and BCF posted a 62.1% rise in full year profit to $101.8.

A short time ago, they were up 8.5% to $8.50

CEO Peter Birtles says the result reflects the benefits of transformation initiatives, including a 73% rise in digital sales.

Overall revenue was up 1.8% to $2.46 billion. The profit result included non-cash costs of $34 million associated with the merging of the Rebel and Amart Sports businesses.

“It is particularly pleasing that we were able to maintain the positive momentum of the group through the second half of the year despite the softer consumer environment and the cycling of stronger results in the second half of the prior year,” Birtles says.

“We continue to see large increases in the number of customers interacting with our brands through our digital channels.

“This is not only generating significant growth in digital sales, particularly through click-and-collect, but is also helping our customers make their buying decisions before coming into store to complete their purchases.”

Auto retailing sales rose by 3.6% to $955.9 million, with like-for-like growth of 3.5%.

In leisure retailing, total sales fell by 4.9% to $553.5 million, reflecting the closure of the underperforming Ray’s Outdoors stores. However, like-for-like sales growth was 4.8%.

Sports retailing sales grew 4.3% to $949.2 million, with 4.4% like-for-like growth.

The company declared a final dividend of 25 cents a share, bringing the full year payout to 46.5 cents, a 12% increase.

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