Ann: FY22 Full Year Results Presentation, page-76

Looks like the UBS guy has a similar views on the core consumer and their spending patterns. Teenage girls are not out of work with their part time gigs. In fact, you get an increase in part time and casual jobs during recessions.

I can only speak from first hand experience on the spending habit of teenage girls through keen observations (not in any creepy way , for the record)

UBS Comment #1: Sales growth remains strong following 1st 7wks

At the FY22 result LOV indicated total and LFL sales growth for the 1st 7wks of 66.1% and 21.0%, respectively. Given the 1st 19wks trading, total and LFL sales growth for wks 8-19 was 56.4% and 13.2%, respectively. While a slight moderation, it remains extremely strong, especially the ability to sustain LFL sales growth in markets where stores have remained open. Looking forward, reopening leverage exists as stores are now able to trade and the core consumer wishes to socialise. Further, the revenue outlook is resilient & high growth, supported by a product offering that is a relatively low item & basket price and a core consumer that is younger, enjoying strong labour market outcomes & less exposed to the rising cost of living pressures.