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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11/12/2025 09:56

Nick Scali Ltd (NCK) $22.43

NCK has been a standout performer both on the ASX and for MM in 2025 - it's up +49% year-to-date while many of its peers have struggled. The stock made new highs in October following its AGM, as the company continues to execute impressively. They’re measured international expansion through Fabb Furniture in the UK is playing out nicely and could become a playbook for many ASX names looking to take the often fraught leap into overseas markets. We remain big fans of this business.

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29/10/2025 17:14

Nick Scali (NCK) $25.35

NCK +12.7%: Shares jumped to a fresh record high after the company’s AGM and trading update today, reporting an impressive 10.7% lift in ANZ same-store sales for the first quarter, signaling a strong start to FY26. This represents acceleration from July’s 7.2% growth reported in their last update. 

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10/09/2025 09:20

Nick Scali (NCK) $24.58

NCK has been a terrific performer over the years, rewarding investors who backed management’s ability to grow the business both domestically and, more recently, offshore. We were particularly supportive of their prudent foray into the UK via Fabb Furniture – a relatively small outlay that provided exposure to a huge £24bn market. The approach was measured and reminded us of Carsales (CAR), which built a strong offshore presence by starting small and scaling carefully.

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08/08/2025 17:36

Nick Scali (NCK) $20.49

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