Super Retail Group had a mixed trading update at its AGM. Sales trends are weak but the earnings outlook is resilient. Group LFL sales slowed from +1.5% in the first seven weeks of FY27e to -1.3% for the remaining six weeks. The sales swing was across all divisions and partly reflects economic conditions and also promotional activity that boosted sales in the early part of the year. Sales are likely to remain weak through to the end of 1H28e in our view. While sales are soft, Super Retail Group has gross margin gains through currency and labour cost savings to offset the sales pressure.