Bapcor delivered a slightly above guidance EBITDA for FY26 of $153 million, down 34% year on year. Initiatives at Bapcor are showing early signals of changing fortunes. We have lifted our sales and gross margin forecasts. Our cost and depreciation and amortisation forecasts are also higher.

Lovisa reported FY26 EBIT of $158 million, up 14%. Sales grew 18% in FY26 with second half sales up 12%. Gross margin at 82.6% improved 60bp. We lower our sales forecasts on lower store numbers but improved comparable sales, with comp sales for the first eight weeks up 3%. We lift gross margin and lower costs. While there is a strong pipeline of store openings, the store network will need to be optimised further and competitive threats are increasing.

GyG reported FY26 network sales growth of 18% and underlying EBITDA of $85 million, up 29% on the pcp. We forecast comp sales growth to settle at 5.6% in FY27e, after delivering “high single digit” growth in its trading update. Strong sales growth will be needed to improve corporate restaurant margins, which is the primary driver of group margin expansion in FY27e. The prospects for ongoing double-digit store and EPS growth is strong and GyG is a cleaner investment proposition without its US earnings drag.

Inghams reported FY26 EBITDA within its guidance range set at the 1H26 result, which highlights some sense of stabilisation and predictability is returning to the business. EBITDA margins declined by 172bp and should start to recover in FY27e given better revenue growth and a cleaner inventory position. We forecast poultry volume growth of 3% and EBITDA of $218 million for FY27e, towards the top-end of the company’s $190-$220 million guidance range.

Breville reported FY26 EBIT of $207 million up 1%. The company showed improving sales growth and better profit margins in 2H26, which did benefit from a $4.4 million net tariff refund. Sales momentum should remain above 10% constant FX growth in FY27e as retail shop-in-shops, new product launches and additional countries of distribution boosts sales. We expect gross margins and EBIT margins to expand in FY27e as better sourcing and lower tariffs help margins.

A2 Milk’s FY26 EBITDA had already been pre-announced. The debate centres on the earnings rebound in late FY27e and FY28e as A2 Milk deals with impacts from its supply shortage. The company’s FY27e guidance of mid single-digit sales growth and 15% EBITDA margins is somewhat conservative. However, it will take time to win over new customers. We expect 1H27e sales to fall 1% and 2H27e sales to rise 13%. We see an EBITDA margin of 15.4% for FY27e. The company will hold more inventory given the shift to its own production and margins should rise to over 18% in FY28e.

Super Retail Group reported a decline in FY26 EBIT of 3%, but gross margin improvement combined with tight cost control bodes well for EBIT growth in FY27e. We forecast EBIT growth of 6% for the year ahead, with higher gross margins the key driver. Rebel is improving its inventory and promotional management and the higher Australian dollar will lower the cost of goods. While we see an improvement in EBIT, the economic backdrop will be a headwind.

Viva reported a strong 1H26 EBITDA increase of 154%, which reflects much higher refining margins and the Liberty acquisition. The Convenience business may have slippage in 2H26e EBITDA given higher cost inflation and weaker retail fuel margins. The refining backdrop remains very supportive for 2H26e and even into FY27e.

Australian retail sales rose 6.6% in July 2026, well above long-term trends of 4.9%. The strength may come as a surprise given broad expectations of a slowdown. However, it was a warm and dry month. Promotions and the FIFA World Cup may have helped sales. The strength was most pronounced in cafes, restaurants and takeaway food. Once again, retail spending is too strong for the RBA’s liking, adding risks to more rate hikes. Moreover, the slowdown in sales in household goods will take time and is more likely from September 2026 onwards. A broader slowdown linked to a negative wealth effect will happen much closer to Christmas and also be evident in 2027.

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.