WOW +1.99%: Reported a ~2% beat to 1H23 consensus profit expectations this morning driven by higher margins in their food business. Sales of $33.2bn were up 4% YoY, just ahead of $33.1bn expected while NPAT of $907m beat the $875m pencilled in by the market – the interim dividend of 46cps was inline. In terms of guidance, they said the 1st 7wks saw Aust Food +6.5% YoY, NZ Food +6.3%, Big W +9.7% with commentary around food inflation interesting , they say it is impacting how consumers shop yet the impact on WOW has been modest to date. Group EBIT growth in 2H23 they say will be lower than 1H23.
MM has turned more neutral on WOW ~$37.50
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