22/10/2026 16:50

Nick Scali (ASX: NCK) $12.03

NCK –15.34%: delivered a disappointing trading update showing signs of weakness across Australia and New Zealand, flagging a material downgrade to first-half earnings expectations.

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07/10/2026 09:36

Nick Scali (ASX: NCK) $14.13

Nick Scali (NCK) has had a difficult run since its FY26 result, with the stock now back around $14 as investors remain cautious on the Australian consumer and housing cycle.We own NCK in the Emerging Companies Portfolio and, while the domestic environment remains soft, we think the market is becoming increasingly focused on the wrong part of the story.

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07/08/2026 17:38

Nick Scali (ASX: NCK) $17.11

NCK -0.7%:  delivered a solid FY26 result, with profit broadly in line with expectations and a stronger dividend, although the domestic trading backdrop remains challenging as softer housing conditions and cost-of-living pressure weigh on big-ticket spending.

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30/07/2026 09:27

Nick Scali Ltd (ASX: NCK) $16.35

Nick Scali has been under pressure since a weak trading update in January with a soft consumer the primary issue, however, it's found solid valuation support in recent months, in line with the overall sector. NCK is a classic interest rate-sensitive discretionary retailer. As a seller of high-ticket furniture, demand is closely linked to consumer confidence and housing activity, both of which have been under pressure following the three RBA rate hikes and dive in the property market following the latest budget. NCK is effectively a leveraged play on the RBA easing cycle, with earnings and the share price typically benefiting as monetary policy becomes more accommodative, and vice versa.

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21/05/2026 09:07

Nick Scali Ltd (NCK) $13.77

Nick Scali has basically halved in 2026 with Januarys result delivering most of the losses, discussed here. At the time their 1H result was a healthy beat but they set the scene for retail as it was accompanied by a cautious outlook - on the money in hindsight. However, this is a great business that’s expanding well across the UK, and it's noticeable that its downside momentum is slowing, even as global bond yields surge higher.

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26/03/2026 09:24

Nick Scali Ltd (NCK) $16.01

We discussed NCK las month after a soft January update saw the stock slide lower - Here. The update raised concerns about slowing discretionary demand, despite a better-than-expected 1H result. The market is focused on weaker forward sales, with modest growth suggesting the 2H26 order book may miss expectations as higher rates and demand pull-forward weigh on the shares/sector.

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24/03/2026 10:11

Portfolio Amendments – Emerging Companies Portfolio

We are making several changes to the Emerging Companies Portfolio

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24/02/2026 09:35

Nick Scali (NCK) $18.43

Nick Scali (NCK) has now corrected 35% from its 2026 high after a soft January trading update raised concerns about near-term demand for big-ticket items as interest rates rise. There 1H result was better than expected but the market looked through the numbers focusing on the next chapter.

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13/02/2026 17:39

Nick Scali (NCK) $18.48

NCK -22.32%: Delivered a better-than-expected 1H result, but the stock was sold hard after a softer January trading update raised concerns about near-term demand for big-ticket items as interest rates rise.1H numbers:

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22/12/2025 16:42

Nick Scali (NCK) $23.25

NCK +9.9%: The furniture and homewares retailer upgraded its first-half earnings outlook, lifting 1H net profit guidance to $37–39mn from $33–35mn, reflecting stronger-than-expected trading across Australia and New Zealand. The company now expects 1H ANZ revenue growth of 10–12% YoY, comfortably ahead of its prior 7–9% target — a signal that order momentum remains robust despite a softer retail backdrop.

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