Super Retail flags weaker sales

 In Australia, NewZealand
Super Retail Group has become the latest retailer to blame the federal budget for weaker than expected sales over the last six weeks.
Following the third downgrade this calendar year, Super Retail expects full-year net profit to be up just 5 per cent from the previous financial year, coming in between $107 million and $109 million.
A result in that range will no doubt disappoint the market, with consensus estimates, compiled by S&P Capital, expecting profit around $115 million.
Sales have suffered significantly since the Coalition government released its first federal budget six weeks ago, Super Retail said in a statement to the Australia Securities Exchange.
"This reflects the significant downturn in consumer confidence since the federal budget, particularly across the lower to mid income families who represent [Super Retail’s] core customers," the company said.  Sydney Morning Herald – Read more…

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