HVN -7.45%: the retailer fell to 6-month lows and was the worst performer on the ASX200 today after a disappointing 1H result. Revenue was in line with expectations at $2.3b, however, earnings (ex-property revaluations) were a ~10% miss, coming in at $416m. margins were under pressure as costs weighed, PBT margins in their Australian franchise business fell from 8.5% in 1H22 to 6.8% in today’s announcement. The outlook is also a concern with the first 7-weeks of the new year seeing Australian franchisee sales down 10% on a like-for-like basis as consumers move away from bulky whitegoods and furniture purchases.
MM is neutral/bearish HVN
Add To Hit List
