Nick Scali's Margin Pain Surprises Bull -- Market Talk

Dow Jones

2024/10/22

2204 GMT - The magnitude of a decline in furniture retailer Nick Scali's margins in Australia and New Zealand surprises Citi. Nick Scali has signaled its gross margin is likely to fall 240 basis points in 1H. In a note, analyst Sam Teeger says the margin deterioration probably isn't permanent and seems to be related to freight costs rather than discounting. "We forecast ANZ 2H gross margins of 64.8%, still below 66.0% from FY 2024," as the benefits of price increases may take time to show up in Nick Scali's results. Also, with consumer confidence still weak, Nick Scali is likely to tread carefully with price rises, Citi adds. It retains a buy call on Nick Scali's stock. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

October 21, 2024 18:04 ET (22:04 GMT)

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Nick Scali has signaled its gross margin is likely to fall 240 basis points in 1H. In a note, analyst Sam Teeger says the margin deterioration probably isn't permanent and seems to be related to freight costs rather than discounting. \"We forecast ANZ 2H gross margins of 64.8%, still below 66.0% from FY 2024,\" as the benefits of price increases may take time to show up in Nick Scali's results. Also, with consumer confidence still weak, Nick Scali is likely to tread carefully with price rises, Citi adds. It retains a buy call on Nick Scali's stock. 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Nick Scali has signaled its gross margin is likely to fall 240 basis points in 1H. In a note, analyst Sam Teeger says the margin deterioration probably isn't permanent and seems to be related to freight costs rather than discounting. \"We forecast ANZ 2H gross margins of 64.8%, still below 66.0% from FY 2024,\" as the benefits of price increases may take time to show up in Nick Scali's results. Also, with consumer confidence still weak, Nick Scali is likely to tread carefully with price rises, Citi adds. It retains a buy call on Nick Scali's stock. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK7107":"家庭装饰零售","NCK.AU":"NICK SCALI LTD"},"translate_title":"尼克·斯卡利(Nick Scali)的利润痛苦令牛市感到惊讶——市场言论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NCK.AU":0.9},"content_text":"2204 GMT - The magnitude of a decline in furniture retailer Nick Scali's margins in Australia and New Zealand surprises Citi. Nick Scali has signaled its gross margin is likely to fall 240 basis points in 1H. In a note, analyst Sam Teeger says the margin deterioration probably isn't permanent and seems to be related to freight costs rather than discounting. \"We forecast ANZ 2H gross margins of 64.8%, still below 66.0% from FY 2024,\" as the benefits of price increases may take time to show up in Nick Scali's results. Also, with consumer confidence still weak, Nick Scali is likely to tread carefully with price rises, Citi adds. It retains a buy call on Nick Scali's stock. 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