Multiple retailers have recently come out with disappointing updates, Adairs (ADH) the most obvious one, as they battle a bottlenecked supply chain & a ‘shadow’ lockdown. While these issues will pass, Market Matters has turned cautious on the sector for now, the obvious concern being more downgrades while we also think more money will be spent ‘doing stuff’ than ‘buying stuff’ in 2022 versus 2021. Recent volatility across the market is starting to throw up some interesting opportunities and as a result, we will likely use the Shaver Shop position in the Emerging Companies portfolio to take advantage.
MM is now neutral SSG around $1.14
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