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Super Retail Group expects modest growth

Australian auto, sports and leisure retailer the Super Retail Group expects modest growth in the first half as it recovers from weaker than expected sales linked to the federal budget.

The owner of Supercheap Auto and Rebel sports chain has posted a 5.6 percent rise in net profit to AUD108.4 million (USD100.6m) for the 12 months to 28 June.

This is in line with the group’s profit forecast of between AUD107 million and AUD109 million, which was trimmed in June after the company suffered weaker-than-expected sales due to widespread belt tightening linked to the May federal budget.