Article from AFR, sector is strengthening
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The resilience of the Australian consumer is the surprise force behind this earnings season as retailers deliver better than expected profit results, dominating sharemarket returns.With about a fifth of the ASX having reported 2023-24 results this month, three out of four companies that upgraded their FY25 guidance were consumer discretionary stocks. White goods seller JB Hi-Fi, e-commerce group Temple &Wester and gym operator Viva Leisure were identified by Citi to be among the few, along with glassmaker Orora, that delivered upgrades.About a fifth of companies on the ASX have reported 2023-24 results this month. Louie Douvis This pattern of outperformance has compelled analysts to raise their price targets for the discretionary sector. Barrenjoey lifted its target on JB Hi-Fi by 33 per cent and Temple & Webster by 11 per cent. Overall, the broker made 20 increases to price targets under its coverage this week, and just 8 decreases in a positive reflection of how the earnings season is playing out.As for earnings forecasts, Barrenjoey delivered 24 downgrades spanning Aurizon, Seek, Lifestyle Communities and Cooper Energy. The broker upgraded earnings estimates for 17 stocks, led by AGL Energy, Beach Energy, joining JB Hi-Fi and Temple & Webster in rarefied air.Fund managers and brokers are rethinking their downbeat opinion of the sector amid an environment of high interest rates and cost of living pressures that have slowed sales and squeezed margins. While those factors are still at play, the share price reactions greeting reporting retailers suggest that the mood was unduly dark
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- Ann: FY24 Results and Investor Briefing Details
Ann: FY24 Results and Investor Briefing Details, page-9
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