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Retailers Generally Reporting Stronger Sales At Start Of FY23


The RBA has stated on a number of occasions that it is watching developments in the consumer sector closely to see how it is being impacted by tighter policy and higher living costs. But retailing companies are generally reporting a solid start to the new financial year.

  • Plumbing products vendor Reliance Worldwide reported strong first quarter (FY23) sales but warned about uncertainties ahead. It said “demand has run well ahead of the contractor’s ability to satisfy it”, according to the Australian.
  • Electronics Retailer JB Hi-Fi posted 14.6% sales growth in FY23 Q1 after -7.5% in FY22 Q4. It was even stronger in NZ up 27.7%. (The Australian)
  • Diverse retailer Super Retail (SuperCheap Auto, Rebel, Macpac) has also had a bumper start to the financial year reporting 20% like-for-like sales growth in the first 16 weeks. But they still see this as part of the post-Covid recovery. It expects higher rates and living costs to impact spending going forward. (The Australian)
  • Online retailer Kogan noted that higher rates and inflation resulted in “subdued” sales in FY23 Q1. Sales in the same quarter last year had been boosted by lockdowns, whereas now consumers are able to spend in physical shops. (The Australian)
  • Supermarket giant Woolworths reported a 0.5% drop in sales for the first 8 weeks of FY23 after they boomed during the pandemic. (The Australian)

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