BBN -16.85%: the latest retailer to downgrade guidance as we approach the end of the financial year, sighting a significant slowdown in sales in recent months will see earnings hit this year. They downgraded NPAT guidance by 37% to $13.5-14m with margins expected below previous guidance and sales now expected to fall 4-5% on a LFL basis. Total sales are expected the marginally higher than FY22, but ~5% below consensus. The company may also be facing an obsolete inventory position with around $100m worth of stock expected to be held by year-end. Stocktake sales numbers have been “unprecedently low,” the announcement said, with sales -21% since the launch of the promotional event. Shares hit a 5 year low today.
MM has no interest in BBN
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