Cheaper bicycles and e-bikes are among the items in oversupply, especially for Pedal Group’s wholesale division.
, as retailers sought to build up supplies to avoid logistical logjams or missing lockdown-influenced sales.
Pedal Group employs about 900 people across its Advance Traders wholesale arm and retail arm 99 Bikes, which has 62 shops selling everything from $4200 e-bikes to $55 BMX helmets.The venture is 46.5 per cent owned by ASX-listed Flight Centre and 21.7 per cent by Flight Centre chief executive Graham Turner, who is Matt’s father. Matt Turner owns about 15 per cent and the remainder is owned by staff.
But as lockdowns eased, the final six months of the year only added another $2.2 million in pre-tax earnings.The positive feature was sales per store were still up 40 per cent to 50 per cent compared to pre-COVID times, Mr Turner said. “Some of that growth has stuck around,” he said, referring to the bump that occurred immediately as lockdowns struck Australia-wide in 2020.
Even while selling at higher than pre-COVID levels, Mr Turner said the business was also dealing with managing lower margins, more storage costs, increased staff costs and now higher interest costs.
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