Rebel Sport owner Super Retail Group says Australians have lost confidence in going on holiday after the company warned its earnings had been significantly hit by the devastating bushfire crisis
Mr Heraghty said the company had struggled to forecast the full impact of the bushfire crisis on sales due to the success of the Black Friday sales weekend, which had raised expectations of a slowdown in December sales.
Super Retail Group chief executive Anthony Heraghty said the company found it difficult to predict the full effects of the bushfire crisis.Mr Heraghty said the company's outdoor division had usually been able to withstand extreme weather events in the past but noted the breadth of the bushfire crisis had prompted the significant sales hit.
Adjusting its forecast, Super Retail said earnings before interest and tax for the half would be $113 million to $115 million, a drop of between 7.6 per cent and 9.2 per cent on the $124.5 million in EBIT it posted for the first half of 2019.Citi analyst Bryan Raymond said the bushfire impact on Super Retail's outdoor division was "larger than expected" but noted the risk from bushfires were expected in the market, maintaining a buy rating for the stock.
"The real question for investors to watch from here will be when does that outdoor activity resume?" he said.
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