Firstly, chief executive John King is turning out to be a pretty handy retailer. As Investors Mutual portfolio manager Simon Conn argues, King has steadily improved
Myer shares leapt more than 5 per cent on Tuesday, taking gains over the last six months to 123 per cent, and to 33 per cent since January 1. For all that, though, there is a growing sense among investors that the environment for consumer spending won’t be as bad as feared. Sales numbers for the December quarter and the first weeks of January from the likes of JB Hi-Fi, Super Retail Group and now Myer have been much better than expected, and there is growing confidence that the RBA could be done hiking rates as soon as next month.
Wading back into the BNPL sector is obviously not for the faint-hearted; Zip plunged 12.5 per cent on Tuesday after reporting that while its profitability is improving,. More broadly, the sector faces clear funding costs and credit quality challenges.
Source: News Formal (newsformal.com)
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