Consumer Discretionary: Reporting Season Wrap

About the author:

Author name:

By Alexander Mees

Job title:

Co-Head of Research and Senior Analyst

Date posted:

22 September 2023, 7:00 AM

Sectors Covered:

Gaming and Retail

• The earnings of discretionary retailers generally exceeded our expectations during the FY23 reporting season, driving a positive inflexion in share prices. 
• Demand is proving rather more resilient than might have been expected, but inflation in operating costs is inescapable and will weigh on FY24 earnings.
• Our key picks are businesses with strong brand equity and the ability to grow sales in a subdued consumer environment and to find cost efficiencies.

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