Australia's recreational speed boaters, campers and fishermen appear to have closed their Velcro wallets in the past six months and thus played havoc with the sales of this group's biggest supplier - Super Retail Group.
The company, which also owns sporting goods company Rebel, Supercheap Auto, BCF (Boating, Camping and Fishing), Ray's Outdoors and Workout World, has been operating in a parallel universe in the retail galaxy.
While most discretionary retailers have been struggling to contain declines in sales over the past couple of years, Super Retail Group has been a standout performer, increasing sales by 4 per cent to 5 per cent.
It captured the wave of consumers looking for lifestyle products, which included holidaying and hobbies rather than apparel.
Referred to (rather unkindly, I think) as the company that caters to bogans with money, Super Retail has consistently bucked the disappointing trend set by other shop owners.
But on Friday Super Retail fell back to earth - it downgraded sales forecasts and analysts set to work to adjust their earnings estimates to the real world.
The share price dived faster than BCF's heaviest sinker, down 24 per cent in morning trade. Although the share price slaughter abated a bit as the day wore on and the shock wore off, the punishment was severe.
SUL Price at posting:
$10.79 Sentiment: None Disclosure: Not Held
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