Super Retail raises USD 203 million to strengthen online capabilities
Category: #retail  By Pankaj Singh  Date: 2020-06-16
  • share
  • Twitter
  • Facebook
  • LinkedIn

Super Retail raises USD 203 million to strengthen online capabilities

Super Retail Group Limited, the Australian company which owns and operates a portfolio of retail brands across Australia, has reportedly raised USD 203 million to strengthen its online capabilities and accelerate growth after the COVID-19 crisis.

Sources cite that the company will use this funding to invest in its digital capabilities including analytics, supply chains, and streamline its business model. This announcement comes on the back of increased online sales but mixed trading outcomes at its physical store for the past two months. Super Retail recorded the sales of USD 2.52 billion to end of the May, and sales are continuing to grow in June. Online sales increased by 126.2% through April and May, representing around 20 % of its total sales.

Super Retail’s retails stores including BCF, Rebel Sport, Macpac, and Supercheap Auto recorded positive sales despite the weak trading environment

Speaking on which, Anthony Heraghty, Chief Executive at Super Retail Group Limited said that the company would use this funding to streamline Super Retail’s business structure and invest further in existing brands.

Mr. Heraghty added that the funds would also give the company a superior scope to strategically strengthen its business. These opportunities are expected to manifest as distribution deals rather than acquisitions, he said.

The retail giant also provided an update on its trading performance during the lockdown period, where all of its Australia-based stores remained open for trade despite stringent social distancing rules.

Super Retail recorded 26.2% decline in sales in April as compared to 2019, but rebounded in May, up 26.5% compared to the year prior. The trade at Supercheap increased by 3.7% on a comparable basis from March end to May end. Sales at Rebel decreased to 2.3% for the same period and were down 0.7% at BCF.

Source credit- https://www.smh.com.au/business/companies/super-retail-raises-203m-for-online-shift-as-sales-fluctuate-20200615-p552lb.html



About Author

Pankaj Singh

Email: [email protected]   

Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

Read More

More News By Pankaj Singh

RADLogics obtains FDA's approval for AI-based chest X-Ray App
RADLogics obtains FDA's approval for AI-based chest X-Ray App
By Pankaj Singh

RADLogics Inc., a healthcare software company developing AI-powered solutions has reportedly received 510(k) clearance from the US FDA (Food and Drug Administration) for its latest AI-Powered chest X-ray pneumothorax a...

CDE of China NMPA clears I-Mab’s application for lemzoparlimab
CDE of China NMPA clears I-Mab’s application for lemzoparlimab
By Pankaj Singh

Clinical stage biopharmaceutical major, I-Mab, has reportedly announced that it has received the clearance of the Center for Drug Evaluation of the China National Medical Products Administration for its IND application...

Aoyuan Healthy to acquire 55% equity interest in Liantianmei
Aoyuan Healthy to acquire 55% equity interest in Liantianmei
By Pankaj Singh

Aoyuan Healthy Life Group Company Ltd., a renowned commercial property operation service and property management service provider based in China, has reportedly announced that Guangdong Xinyuerong Industrial Investment...