These guys are in the bulls eye of the cost of living crisis. What's evident is that all retailers are facing higher CODB because of the increase in labour costs (UNI and ADH being the most recent) but many are managing to maintain gross margin for now. In the case of UNI, as long as unemployment stays low and wages are rising their customers are not going to be feeling the squeeze. BBN's customers would be young families who are either renting or bought in the last few years and are feeling the squeeze from rents and rates as well as having a newborn. That to me is why BBN has been slammed on gross margins (customer heading down market means more discounting) as well as at the EBIT level as CODB rises.
If you're customers are mortgage belt proxies you will get flogged at this point of the cycle. Perfect storm really.
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These guys are in the bulls eye of the cost of living crisis....
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