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.
Execution in the first half of FY26 is in stark contrast to most of NCK’s Aussie peers which have struggled. With the ANZ business performing well, and only a matter of time before the UK brands flicks the switch on profitability, the story remains intact and the outlook continues to look strong.
MM remains long and bullish NCK
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