Paybacks weigh on Super Retail HY result
Compensation to underpaid retail managers has weighed on Super Retail Group's first-half result, with the Rebel Sport owner reporting a slight dip in first-half profit to $71.7 million despite increasing revenue.
Super Retail revenue rose 6.0 per cent to $1.4 billion in the six months to December 29, but the Rays and Supercheap Auto owner saw its net profit slip by 0.7 per cent in the wake of impairments announced on Tuesday.
The company said a review of employment arrangements had showed $32 million in overtime hours had not been paid in accordance with the General Retail Industry Award over the past six years, with interest-related compensation adding another $11 million in pre-tax costs.
Super Retail will pay a fully franked interim dividend of 21.5 cents, unchanged from last year.
