Jefferies views Aussie Super Retail's loyalty programme revamp as margin-neutral

** Retailer Super Retail SUL is revamping its Auto Club benefits, which Jefferies believes will likely be margin-neutral and increase the co's flexibility in the current promotional environment

** Brokerage says that the new program, which provides Club members with a A$5 loyalty credit for every A$100 spent, offers more generous rewards than competitors

** Jefferies expects the change will be broadly margin-neutral, as it replaces the 'Best Price Credit' offer and provides a lower absolute value to customers.

** Adds, the new program is "somewhat reactive to the current competitive environment" and offers increased flexibility to respond to competitor discounts

** Stock down 8.4% YTD