Consumer discretionary
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Just how bad will the consumption slowdown be?
David Buckland
February 27, 2023
Continuing to explore the breadth of the expected slowdown in consumption, granular analysis of the Australian Prudential Regulatory Authority (APRA) monthly deposits and the RBA’s October 2022 Financial Stability Review, the following data is worth highlighting. continue…
by David Buckland Posted in Consumer discretionary.
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Adairs sheets home the blame for its poor HY23 result
Roger Montgomery
February 21, 2023
If you needed more convincing that Australia’s retailers are doing it tough, take a look at the HY23 result from manchester and homewares retailer Adairs (ASX:ADH). ‘Weak’, ‘disappointing’, ‘a miss’. That’s how various commentators described the result. But with the share price already in the doldrums, and the company paying an attractive dividend, the market seemed none too concerned. continue…
by Roger Montgomery Posted in Companies, Consumer discretionary.
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JB Hi-Fi’s result tells us the consumer slowdown has already begun
Roger Montgomery
February 15, 2023
Consumer electronics and home appliances retailer, JB Hi-Fi (ASX:JBH), has just released its first-half results for FY23. For the six months to December 2022, there was a lot to like. But sales figures for January paint a picture of a more cash-strapped consumer and, by extension, a slowing economy. continue…
by Roger Montgomery Posted in Companies, Consumer discretionary.
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Nick Scali is the latest retailer hit by the consumer pull-back
Roger Montgomery
February 10, 2023
On first blush, the much-anticipated consumer slowdown does not appear to have impacted Nick Scali (ASX:NCK), which reported half-year 2023 results earlier this week. But delving more deeply into the trading update reveals a different story. continue…
by Roger Montgomery Posted in Companies, Consumer discretionary.
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Why our small companies fund is underweight the retail sector
Roger Montgomery
November 21, 2022
It’s a tough time to be a retailer, what with increasing interest rates, fuel and energy costs putting a squeeze on consumer spending. And some retailers are particularly adversely affected. Which is why investors need to be highly selective – especially when it comes to buying shares in consumer discretionary businesses. continue…
by Roger Montgomery Posted in Consumer discretionary.
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Has the market oversold Aussie retailers?
Roger Montgomery
September 26, 2022
The prices of most Australian discretionary retail stocks have fallen in sympathy with their overseas counterparts. The question is: are those declines undeserved? If they are, then high quality Australian retailers trading on low multiples could represent a bargain for long-term investors. continue…
by Roger Montgomery Posted in Consumer discretionary.
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Why we are underweight consumer discretionary companies?
Roger Montgomery
September 12, 2022
There are no doubts some extraordinary businesses exist in the Australian consumer discretionary sector. Names like ARB, Nick Scali, JB Hi-Fi and Lovisa jump to mind as soon as talk turns to the consumer. But as we examine the shape of our portfolios, one glaring active weight is the underweighting we have to consumer discretionary companies. continue…
by Roger Montgomery Posted in Companies, Consumer discretionary, Editor's Pick.
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ARB and the long game
Roger Montgomery
September 6, 2022
ARB Corporation (ASX:ARB) – the Australian-based global manufacturer and distributor of aftermarket 4WD parts and accessories – has been a stellar performer since listing on the ASX in 1987. It’s a quality business, with sustainable and valuable competitive advantages that enjoys attractive long-term economics. ARB’s share price soared during the lockdowns, but has dropped over 42 per cent in the past year. continue…
by Roger Montgomery Posted in Companies, Consumer discretionary, Editor's Pick.
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What the Supercheap and Adairs results tell us about the retail sector
Roger Montgomery
August 25, 2022
Some retailers – such as Supercheap Auto (ASX:SUL) – are reporting better than expected results this reporting season. But this hasn’t prevented many analysts from painting a gloomy picture of the retail sector, due largely to the impact of rising interest rates and inflation on consumers’ wallets. If they’re right, then there’s no need for investors to rush back in. continue…
by Roger Montgomery Posted in Companies, Consumer discretionary.
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Is Beacon Lighting shooting the lights out long-term?
Roger Montgomery
August 23, 2022
Beacon Lighting (ASX:BLX) supplies and distributes lighting and fans through a network of 117 company stores and two franchised stores, five of which were opened in FY22. The company’s own research suggests capacity for 184 stores in Australia. continue…
by Roger Montgomery Posted in Companies, Consumer discretionary.
