Covid-19 lockdowns hurt Bapcor's (ASX:BAP) store sales

Company News

by Lauren Evans

The owner of Autobarn and Midas, Bapcor (ASX:BAP) lifted its interim dividend despite a 14.7 per cent fall in its net profit for the second half of 2021.

The ongoing challenges of lockdowns weighed on store sales.Though on a brighter note, the auto-parts retailer said that revenue rebounded in the second quarter of this financial year after the easing of restrictions.

Revenue rose 1.9 per cent to $900.1 million while net profit slid 14.7 per cent to $57.7 million.

“I am grateful to our hard-working and resilient team members who have contributed strongly to a solid result during the half, despite the challenges of Covid-19 lockdowns and restrictions in Australia, New Zealand and Thailand," said chief executive officer Noel Meehan.

“During the half, we expanded our geographic footprint, opening eight Retail stores, four Burson stores and six Specialist Wholesale sites resulting in Bapcor now having a presence in over 1,100 locations throughout Australia, New Zealand and Thailand.”

Bapcor declared a fully franked interim dividend of 10 cents per share, up 11.1 per cent from a year prior.

Shares in Bapcor (ASX:BAP) are trading 4.8 per cent lower at $6.72. 

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