“In addition, most of the other businesses are recovering more quickly than anticipated in returning to their pre-COVID-19 demand levels,” Bapcor said in a release on Thursday.
Shares in the company were down 0.3 per cent at $5.87 by 11.40am against a wider 1.4 per cent market slump.
Bapcor fell to as low as $2.85 during the March COVID rout from a February high of $7.53.
Bapcor’s retail segment – which also includes AutoPro, CarParts and Sprint – experienced strong demand in May and June, with Autobarn same-store sales increasing more than 45 per cent from the prior year.
This followed on from April same-store sales falling 3 per cent below the prior year. Same-store sales growth was achieved in both the company-owned stores and franchised stores.
On a full-year basis to end of June 2020, it is estimated Autobarn same-store sales increase will be about 8 per cent.
Burson Trade has also experienced strong demand in May and June with same-store sales growth expected to be about 10 per cent above the prior year.
Bapcor now anticipates that proforma net profit for the financial year will be in the range of $84 million to $88 million, having formerly predicted mid-to-high single digits growth from $94.3 million in FY19.
“Future demand is anticipated to moderate as we enter the new financial year in an environment of economic uncertainty and as government stimulus reduces,” Bapcor said.