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Super Retail Group: Unscathed, debt sorted and supportive backdrop

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16 June 2020, 10:15 AM

Super Retail Group (ASX: SUL) escaped the COVID-19 pandemic reasonably unscathed, with LFL sales growth -1.7% over April/May despite SCA and Macpac NZ store closures. We think any business that can trade through this global event relatively unscathed will attract a higher multiple in its wake.

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Retail in the trenches; COVID-19 cuts

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19 March 2020, 11:30 AM

We recommend treading very carefully with the consumer discretionary space given it is at the pointy end of any economic fallout, has high fixed costs and this situation is changing daily.

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Retail: Large liquid leaders best placed & back in the zone

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03 March 2020, 10:40 AM

We review reporting season across our retail coverage. Our over-arching sector preferences shift to quality, liquid, more defensive stocks given current macro dynamics and a potential negative impact on consumer demand/spending. We have shifted some recommendations accordingly.

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Retail: Stock take... weighing up current dynamics

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06 February 2020, 12:15 PM

Despite a couple of sector downgrades in January, we are broadly expecting in-line results from the rest of our specialty retail coverage (albeit a greater proportion of 2H growth skews this year). We think consumer conditions are more supportive than this time last year, although impacts from events such as bushfires/coronavirus can dent short-term spending/trading conditions.

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