Sectors: Consumer Goods

SUL reports on Thursday and will need to do a better job than last October when the stock plunged ~20% after the retailer’s trading update was a touch soft, showing growth had decelerated mildly relative to the update they provided in August; not ideal after the stock had surged ~50% in a few months.

 The beverage-cooler maker’s Q4 results overnight were broadly in line to slightly ahead of expectations, and while guidance was solid, they still see some ongoing challenges in the market.

TPW +13.03% delivered a better-than-expected half-yearly, driven by stronger earnings as a result of strength in home improvement sales on top of their now 2.9% share of the Australian retail furniture and homeware market. 

BRG –2.2%: Reported well, flagged solid topline momentum into 2H25 however still moved lower, a trend we have seen in growth names with stretchy valuations this reporting season. 

JBH –4.56%: Reported very strong 1H25 results that were a slight beat vs. consensus pushing shares higher initially. However, as is often the case when the market is looking for, and already positioned towards a good result, the share price gets hit with profit taking, which was the case today for JBH.

(NCK) +10.5%: Delivered a decent half-year earnings report today with lower earnings versus the prior half but a beat on recently recut guidance. 

The Australian consumer is getting more confident as rate cuts get increasingly more press, if we see mortgages drop by anywhere near to 1% it will release plenty of spending capacity back into the economy.

As the operator of BCF, Supercheap Auto, Rebel and Macpac SUL is a company MM has covered several  times in recent months, but as we hold no retail exposure in our Active Growth Portfolio, it’s a sector we’re watching closely.