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Strong start for new year at Super Retail Group despite profit slide

Retailing collective Super Retail Group has reported a 20 per cent slide in profit for the full year after repayments costs related to the company’s $62 million underpayment scandal continue to weigh on the business.

The company, which operates Supercheap Auto, Rebel Sport, BCF and MacPac, told investors on Monday its statutory net profit after tax had sunk 20.9 per cent to $110.2 million due to a slew of one-off items affecting its bottom line.

Super Retail Group chief executive Anthony Heraghty.

Super Retail Group chief executive Anthony Heraghty.Credit:Attila Csaszar

The most significant of these was $17.1 million in wage underpayment and remediation costs, more than double the amount recorded in the year prior. This was due to Super Retail increasing the total estimate for its wage scandal earlier this year to $62.4 million, up from $53.2 million after the company found additional team members affected by the underpayments.

Excluding the one-offs, which also include $5.5 million in restructuring costs and a $6 million adjustment for a new accounting standard, the company’s NPAT rose 1 per cent to $154 million.

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