SUL –2.92%: Traded lower today after a softer trading update released after market yesterday. The result showed a weakening consumer as margins and headline sales both came under pressure over the recent period.
- Like-for-like sales growth +0.4% (2H FY26 to date)
- Additional working capital $30m
- Group costs $66m vs $60m prior
The key concern was margin pressure as management pointed to a shift toward needs-based spending over discretionary, compounded by the onset of the Middle East conflict impacting trading conditions.
MM prefers JBH to SUL in the consumer space
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