Super Retail shares sink as board confirms ongoing action against ousted CEO
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More news: Super Retail Group saw its shares retreat despite reporting a rise in year-on-year sales for the first 16 weeks of FY26.
Shares were down 3.7% to $16.52 at 1:15pm AEDT, having gained around 9% this calendar year.
The selloff came as Super Retail chair Judith Swales fronted shareholders at the company's annual general meeting this morning.
She confirmed that the company is looking into clawing back millions of dollars in payments and bonuses paid to its former CEO Anthony Heraghty, who was fired last month following an affair with previous HR chief Jane Kelly.
What they said: "Just to be clear, the short term incentive for last year was due to be paid on the 23 September and we withheld that payment," said Swales, responding to a question from one shareholder.
"There are claw back provisions in the contracts and we're currently taking legal advice on that."
Super Retail Group sales lift nearly 5% in year-to-date
The news: Super Retail Group has delivered 4.5% total year-on-year sales growth in the first 16 weeks of FY26, with the biggest growth gains posted by Macpac and Supercheap Auto.
The numbers: Total like-for-like (LFL) sales growth compared to the previous corresponding period was 2.6%.
Macpac’s total sales growth was 16.9% and LFL sales growth was 8.5% while Supercheap Auto delivered total sales growth of 4.6% and LFL sales growth of 2.6%.
Rebel posted total sales growth of 3.6% and LFL sales growth of 3.2% and BCF posted 2.4% total sales growth and 0.3% LFL sales growth.
The context: According to interim CEO David Burns, “the outlook for consumer spending remains uncertain” despite macroeconomic improvements, with the group’s first half results to be “highly dependent” on the peak Christmas trading period as usual.
He said Supercheap Auto’s growth was buoyed by “strong contributions” from filtration, braking and wiper products. Macpac benefited from store openings.
BCF performance was impacted by a “softer Father’s Day campaign, adverse weather conditions in NSW and the algal bloom in South Australia” with performance steadily improving in October ahead of the key summer trading period.
Meanwhile, Rebel’s performance was impacted by “variable demand patterns” as football and basketball category “softness” was offset by footwear growth. Momentum also picked up in October.
The source: ASX
