Universal Store under pressure thanks to housing crisis
Shares in ASX-listed Universal Store have been punished after a trading update revealed the group’s core shoppers are under pressure.
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Shares in ASX-listed Universal Store have been punished after a trading update revealed the group’s core shoppers are under pressure.
Mining companies and consumer discretionary stocks posted heavy losses as risk of a US default hit investor sentiment.
Universal Store has upgraded its guidance on group sales to be in the range of $258 million to $261 million for FY23 with underlying EBIT also higher yet shareholders were downvoting shares by more than 27% on a bleak spending outlook.
The youth apparel retailer’s shares fell, along with Brett Blundy’s Lovisa and JB Hi-Fi.
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