Retail stores closed for around 4 weeks. Online sales were still up and running during this period. The outdoor + fitness movement is likely to lead/ have led to an increase in sales IMO. Data reveals that April retail spending is down ~17%, but IMO clothing and consumer electronic sales are the most likely to have taken the brunt of this hit. Additionally, JobKeeper for many of these large cap businesses is basically free income. Staff >12months working for AX1 + its subsidiaries (most of whom work retail and hence casual/part time) are near enough, free labour. Extending this until late September, 4 weeks of >50% sales decrease and in return free labour for 5 months...
DYOR but I think the $2.2 levels tested pre-COVID aren't far off!
AX1 Price at posting:
$1.18 Sentiment: Buy Disclosure: Held
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