Published • loading... • Updated
Bargain hunters blamed for sales dip at major retailer
Retailers said consumers are delaying purchases and chasing discounts, with JB Hi-Fi’s Australian comparable sales down 1.4% and Wesfarmers seeing softer trading.
- On Thursday, major Australian retailers including Bunnings-owner Wesfarmers, JB Hi-Fi Ltd, and Super Retail Group Ltd reported slowing October sales as customers delay purchases ahead of Black Friday and Christmas trading periods.
- Australian consumers are delaying purchases of electronics and household goods while waiting for special offers, as Managing Director Rob Scott noted increased interest rates and higher inflation are weighing on retail demand.
- JB Hi-Fi Ltd comparable store sales fell 1.4% in Australia, while Super Retail Group Ltd's Macpac division plunged 11.7%; The New Zealand division delivered strong comparable sales growth of 10.7%.
- Bunnings-Owner Wesfarmers shares fell 3.2% to $74.68, Super Retail Group Ltd declined 2.2% to $12.72, and JB Hi-Fi Ltd drifted 0.4% lower to $70.38 following the trading updates.
- These trading updates indicate Australian retailers are struggling to grow top-line sales, with analysts at RBC Capital Markets expecting consensus downgrades as consumers remain wary of spending amid economic uncertainty.
Insights by Ground AI
11 Articles
11 Articles
Sydney Morning Herald+3 Reposted by 3 other sources
Aussie retail giants stumble ahead of Black Friday
Bunnings, JB Hi-Fi and other major retailers have reported a sales slump as people rein in spending.
·North Sydney, Australia
Read Full Article
JB Hi-Fi, a well-known Australian electronics retailer, said that consumers are increasingly waiting for promotional events before purchasing electronics and other home products, leading to a recent slowdown in sales.
·New York, United States
Read Full Article
Coverage Details
Total News Sources11
Leaning Left3Leaning Right2Center3Last UpdatedBias Distribution38% Left, 37% Center
Bias Distribution
- 38% of the sources lean Left, 37% of the sources are Center
38% Left
L 38%
C 37%
R 25%
Factuality
To view factuality data please Upgrade to Premium
