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Super Retail Group (SUL) - Trading update for May 2024

Getting tougher at the margin

09 May 2024

Super Retail Group’s trading update provides divergent implications with sales improving slightly, but gross margins deteriorating a little in Feb-April 2024. Rebel has accelerated a little, while BCF slowed. The commentary on gross margins is a little softer. The company outlined the implications of its recent wage agreement, which will entrench higher cost growth for FY25e.

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