dusk reported sales growth of 14% in 2H26 and full year growth of 8.4%. Gross margins improved 279bp in 2H26 driven by promotional discipline, currency benefits and improved logistics.

Accent Group reported EBIT of $83 million in line with guidance and Visible Alpha consensus. Like-for-like sales in the second half was down 2% and continued in the trading update for the first seven weeks of 1H27e. Gross margin improved in 2H26 on 1H26. We lower our sales forecasts but increased our gross margin expectations.

Temple & Webster reported FY26 EBITDA of $22 million, up 17%. Temple’s strategic pivot impacted the trading update in which sales fell 13% but contribution margin dollars improved by 10%. We lower our sales forecasts but lifted our gross margin assumptions. The debate will be whether the pivot to profitability makes reaching a double-digit sales attainable or necessary to drive earnings.

JB Hi-Fi reported FY26 EBIT up 4%, with second-half EBIT down 3% and a sign of the challenges ahead as sales trends slow. We expect EBIT to fall 3% in FY27e with very low sales growth the primary headwind. We forecast FY27e comparable sales growth of 0.5% for JB Hi-Fi Australia and -0.3% for The Good Guys. The macro headwinds are accelerating with lower income and reduced wealth likely to hurt the December half-year sales. The company is optimistic new products and more supplier funded discounts will be an offset. We are not convinced.

Treasury Wines reported FY26e EBITS down 36%. The result reflected destocking in Penfolds, lower volumes in the Americas and higher operating costs. The earnings base should stabilise in FY27e at circa $496 million on our estimates, but this understates the true earnings potential because there will be more than $100 million in forgone profits from destocking in FY27e. The Americas segment will feel the most pain. We see underlying EBITS settling between $580-$620 million over FY28e-FY29e.

Woolworths has good sales momentum, which has led to a higher PE ratio. The chances of surprisingly strong sales momentum in Woolworths trading update is high given the success of the Ooshies collectables campaign. We may see sales growth of 7%+. However, such programs have no discernible ongoing benefit to sales. As a result, Woolworths sales trends are peaking and are likely to slow through FY27e.

Premier Investments reported FY26e Retail EBIT of $176 million, down 10%. Weak sales in 2H26e led to FY26e sales of $796 million, down 2.1%. Premier also announced the decision to exit Peter Alexander in the UK.

Nick Scali delivered FY26 EBIT of $125 million, up 18%. Sales growth underwhelmed with a weak second half. Gross margin improved in FY26 to 65.6% up 207bp. The flat trading update for written sales orders signalled an improvement in momentum but it might be temporary. We have lowered our sales forecasts on our expectations of a tougher environment but lifted our gross margin expectations. We need to see more evidence of improving sales before getting positive on the sales recovery.

Chemist Warehouse has sustained double-digit comparable sales growth for three consecutive years. The retailer has won market share from other pharmacies and Coles and Woolworths. Chemist Warehouse advantages are its pricing tactics and breadth of range. While Coles and Woolworths are unlikely to fix their ranging issue, they may adjust pricing tactics. Chemist Warehouse is cheaper than the supermarkets when comparing shelf prices to Chemist Warehouse’ standard price, but much less so when comparing promotional prices. The risk to Chemist Warehouse is that Coles and Woolworths use everyday low pricing tactics to improve their relative pricing to Chemist Warehouse. They have begun lowering prices on high profile products and more will come over the next 12 months. We may see a slowdown in Chemist Warehouse sales growth towards single digits over the next year.

Domino’s provided a trading update that shows steady profits and improved franchisee profitability for FY26e. The missing link was that sales trends deteriorated and more stores will be closed. We expect same store sales to decline 1.1% in FY27e, on top of the 4.1% fall in FY26. While store closures and cost savings will help EBIT, cost inflation and declining sales largely offset.