Super Cheap Auto Group Limited (ASX: SUL) announced today that sales for the 17 weeks to 24 October 2009 had grown by 16.1% over the prior year’s comparative period.
ASX/Media Announcement
Super Cheap Auto Group (SUL) Announces
Sales Growth for the 17 Weeks to 24 October 2009
Super Cheap Auto Group Limited (ASX: SUL) announced today that sales for the 17 weeks to 24 October 2009 had grown by 16.1% over the prior year's comparative period.
Sales performance across the Group can be downloaded as a pdf below.
Super Cheap Auto Group Managing Director, Mr Peter Birtles, said the company had made an excellent start to the year, with both established businesses, Supercheap Auto and BCF, delivering strong like for like sales growth and small improvements in underlying gross margin.
*Goldcross Cycles like for like performance in the 17 weeks to 24 October 2009 is not comparative due to changes in ranging, merchandising and promotional strategies.
"This level of like for like growth is exceptional and we anticipate a slowing of growth rates back to established long term trends once we move into the Christmas period and the second half of the year, as the benefits of the Government stimulus package and low interest rates wash out of the retail market," Mr Birtles said.
"Despite this, we are confident our businesses will continue to grow at a faster rate than the markets in which they operate and that we can continue to deliver incremental improvements in our EBIT margins."
During the 17 weeks, Supercheap Auto opened five new stores to bring total stores trading to 261. Fifteen existing stores were refurbished during the same period. It is anticipated that Supercheap Auto will open a further five stores and refurbish a further 25 existing stores during the balance of the financial year.
BCF has opened two new stores to bring total store numbers to 61. The business expects to open four more stores during the remainder of the financial year and has acquired the Explore Outdoors store in Dubbo, New South Wales at the end of October 2009.
Goldcross Cycles operates 18 stores in Melbourne and South East Queensland. No new stores are planned in this financial year. A program of store refurbishment commenced in October 2009.
ENDS
For further information please contact:
Peter Birtles, Gary Carroll
Managing Director Chief Financial Officer
Super Cheap Auto Group Super Cheap Auto Group
Ph: 07 3482 7500 Ph: 07 3482 7500
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Jo-Anne Modesti Clarissa Lynch
Consultant Manager
Phillips Group Phillips Group
Ph: 07 3230 5000 Ph: 07 3230 5000
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