Why did Super Retail Group (SUL) shares rally today?
SUL +7.68%: the retailer traded to a near 11-month high today after announcing preliminary 1H numbers. Sales were up 11% across the board on a like-for-like basis led by strength in Macpac, Supercheap and rebel, though some weakness in their BCF brand weighed. The company noted a significant drawdown in inventory, helping to reduce costs and improve margins. The company pointed to a strong Christmas trade and expects profit before tax (PBT) of $213-218m, a small beat to expectations.
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