Bapcor Limited's Trading Update

Bapcor Limited (ASX: $BAP) has provided a trading update, expecting the second half FY24 Pro-Forma NPAT results to be below that of the first half FY24 due to challenging trading conditions in the Retail business, competitive pricing in the Wholesale business, and other factors. The company anticipates the Pro-Forma NPAT for FY24 to be between $93m and $97m.

Executive Commentary on Trading Update

Bapcor's Interim CEO and Managing Director, Mark Bernhard, stated, 'Trading conditions since our last update to the market have remained challenging as consumers continue to pull back on spending, primarily impacting our Retail business. Pleasingly, our Trade and Specialist Networks businesses have continued to grow sales, on what was a strong prior year comparative.' Management is actively working to reduce the cost base to be more appropriate for the current trading environment.

Summary of Bapcor's Trading Update

Bapcor (ASX: $BAP) expects a lower second half FY24 Pro-Forma NPAT due to challenging trading conditions in the Retail and Wholesale businesses, as well as other factors. The company anticipates the Pro-Forma NPAT for FY24 to be between $93m and $97m, with May and June historically being the strongest trading months for the Trade and New Zealand businesses. Bapcor remains confident in the long-term outlook for the Group and the resilience of the automotive aftermarket industry, actively working to reduce the cost base and aiming to address the challenges posed by the current trading environment.