Super Retail profit rises 23%

Super Retail anticipates growth to continue for 2013-14 after posting strong double-digit growth in its full-year results.

Super Retail Group (SUL) has fallen after reporting a 23% boost to net profit that fell short of analyst forecasts.

The group, which owns well-known brands like Rebel Sport and Super Cheap Auto, posted net profit of $102 million for the full year, up from 83.5 million in the previous corresponding period.

Shares in the company fell 4.3% to $12.39 at 1027 AEST as analysts polled on Bloomberg had pencilled in an adjusted net profit of around $119.4 million for the period.

Though Super Retail noted the "patchy" retail conditions this year, it expects solid growth and development as it opens 25 new stores across the group. 

Revenue for the period increased by 22% to $2.02 billion, in line with consensus forecasts.

The company said like-for-like growth in group sales was up 6% in the first seven weeks of 2013-14.

The final dividend for the period came in at 21 cents per share, up from 19 cents the same time last year, taking the full-year dividend to 38 cents.

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