Weak consumer spending in Queensland has put the brakes on Supercheap Auto's profit, and its parent company blames the Queensland government.
Super Retail Group says declining auto sales in the Sunshine state, where most stores are located, have dampened same-store sales growth of more than three per cent in other states.
"Queensland has pulled us back. It represents 30 per cent of our auto business sales," Managing director Peter Birtles said.
"I think (the sales declines) reflect the general mood in Queensland and the lack of clarity over investment.
"We need the Queensland government to start investing in the economy."
Super Retail, which also owns leisure and sport chains BCF, Ray's Outdoors, Rebel and Amart, suffered a 25 per cent slide in profit in the year to June 27, to $81 million.
The result was dented by $12.8 million in costs linked to the restructure of Ray's Outdoors and Workout World, plus a $16 million loss on the closure of Fishing Camping Outdoors.
Excluding those costs, profit dropped five per cent and total sales were up seven per cent at $2.24 billion.
Mr Birtles said July and August have delivered good sales momentum.
Shares in Super Retail gained 11 cents, or 1.1 per cent, to $9.77.
QLD WEIGHS ON SUPERCHEAP AUTO
* Profit down 25pct to $81.1m
* Revenue up 7pct to $2.24b
* Dividend unchanged at 21.5 cents
