The Super Retail Group Ltd (ASX: SUL) share price is up 21% so far in August. And this rise comes before the company reports its full year results for the 2020 financial year.
Super Retail is listed on the S&P/ASX 200 Index (ASX: XJO), which has gained 3.3% so far in August.
The Super Retail share price wasn’t spared from the wider COVID-19 panic selling, which hit many ASX retailers particularly hard. Super Retail’s share price plunged 63% from 21 February through its low on 19 March. Since that low, it has rocketed 201% higher.
The strong rebound was enough to erase the pandemic-driven losses. Year-to-date, Super Retail shares are up by 4.6%
What does Super Retail Group do?
Super Retail Group is one of Australasia’s biggest retailers. The group has three divisions: auto, outdoor and sports. It’s primarily involved in retailing of auto parts and accessories, tools and equipment, retailing of boating, camping, fishing and sporting equipment and apparel. Super Retail Group houses iconic brands including BCF Boating Camping Fishing, Macpac, Rebel and Supercheap Auto.
Headquartered in Brisbane, the group’s network extends to over 670 retail stores and more than 12,000 team members across Australia, New Zealand and China.
Super Retail Group shares first listed on the ASX in 2004. The group’s shares have historically paid a fully franked dividend.
Why is the Super Retail share price up 21% in August?
Super Retail’s August performance got a big boost from its updated earnings guidance, released on 31 July. The company’s unaudited full-year results showed total sales for FY20 increased 4.2%.
Super Retail Group releases its full 2020 financial year results on Monday 24 August. With Super Retail’s share price up almost 3% in late afternoon trading today, investors look to be expecting a positive report.
Despite stage 4 restrictions potentially remaining in place in Victoria through September, longer-term investors are also increasingly beginning to look beyond the short- to mid-term impacts of lockdowns towards the potential booming recovery on the horizon.
The Super Retail share price will be one to watch on Monday following the release of its FY20 results.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Super Retail Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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