Australia's Super Retail plunges on flagging 'challenging macro'

SUPER RETAIL

04/05/2023 03:24

** Shares of Australia's Super Retail Group  SUL.AX  fall as
much as 7.5% to A$12.44, set to lose most since June 14, 2022,
if trend holds
    ** The auto goods giant said on Wednesday it was
experiencing higher costs due to inflationary pressures on
labour, rents, and energy costs, as well as delays in new shop
opening
    ** Co flags risks attached to year-long delay in store
opening plans, reflecting a challenging "macro environment"
    ** Co says some stores are now scheduled to open in FY24
    ** SUL has launched 14 stores in fiscal 2023 year-to-date,
and is currently eyeing another 13 stores by June-end
    ** Stock up 25.6% this year, as of last close 
    

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))