Premier Investments 1H22 result was well flagged. The more interesting perspectives are that its gross margin remains high and rents are resetting as a lower share of sales. Sales trends so far in 2H22e are solid, which should provide EBIT growth in the half. The major share price driver for Premier from here is likely to be the ways it utilises its net cash position.

Harvey Norman provided an encouraging AGM trading update with recovering sales trends in the past two months and continued strong profit margins. Australian sales improved from -19% in July-August to -6% for September-November. Profit margins are holding up well with three-quarters of the gains seen in FY21 retained in 1H22e so far.