Consumer Discretionary: Reporting Season Wrap

About the author:

Alexander Mees
Author name:
By Alexander Mees
Job title:
Head of Research
Date posted:
22 September 2023, 7:00 AM

  • 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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