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City Chic (CCX) - 1H24 result insights

Smaller sales, bigger margin

01 March 2024

City Chic’s 1H24 EBITDA was at the top end of the guidance range given in late January 2024.  While losses are starting to reduce and gross margins improve, the sales base is much smaller. We expect sales to stabilise around May 2024 and anticipate noticeable gross margin improvements. City Chic also outlined a range of cost saving measures to restore profitability that will show through in 2H24e.

Endeavour Group (EDV) - 1H24 result insights

Cost savings protect margins

28 February 2024

Endeavour Group reported 1H24 sales up 2.5% and EBIT up 2.6%.  The company had an increase in gross profit margins and some cost savings to help offset higher operating cost growth. Weak sales trends in liquor are likely to persist throughout 2024 in our view as the industry resets volumes back towards more normal levels post the COVID-19 boom. While higher gross margins can be a red flag, Endeavour is holding market share and the cost savings embedded in 1H24 give us confidence in second half earnings.

Bapcor (BAP) - 1H24 result insights

Debating cost savings targets

28 February 2024

Bapcor reported 1H24 sales up 2% and EBITDA down 2%, with net profit down 12% given higher interest costs. The company’s sales decline in its Retail division is likely to ease in 2H24e. However, interest costs will remain a headwind to profits again this half. The fundamental debate remains the outlook for Bapcor’s cost savings program (Better Than Before). With a change of CEO, the company has acknowledged the phasing may shift. We expect an additional year delay in the timing of cost savings.

Wesfarmers (WES) FY23 result analysis

Managing the cycle well so far

28 August 2023

Wesfarmers reported FY23 group EBIT of $3,863 million, growth of 6%. The result showed some signs of slowdown in the second half where retail EBIT only rose 2%. We expect sales to slow from here given recent trends and weakness in discretionary income for consumers. The company will cut costs and the margin pressure should be modest, but it will still be challenging to grow retail earnings in FY24e. The WesCEF business could see a drop in EBIT of 17% on our estimates. The core business will suffer a larger drop, but lithium earnings will start from 2H24e onwards.

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