Jefferies views Aussie Super Retail's loyalty programme revamp as margin-neutral

SUPER RETAIL

26/05/2025 21:56

** Retailer Super Retail SUL.AX is revamping its Auto Club benefits, which Jefferies believes will likely be margin-neutral and increase the co's flexibility in the current promotional environment

** Brokerage says that the new program, which provides Club members with a A$5 loyalty credit for every A$100 spent, offers more generous rewards than competitors

** Jefferies expects the change will be broadly margin-neutral, as it replaces the 'Best Price Credit' offer and provides a lower absolute value to customers.

** Adds, the new program is "somewhat reactive to the current competitive environment" and offers increased flexibility to respond to competitor discounts

** Stock down 8.4% YTD

 (Reporting by Kumar Tanishk in Bengaluru, editing by Deepa Babington)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))