Another trading update from HVN, to accompany their AGM today.
Some regions better, some worse on like for like constant currency (the measure we care most about), and clearly we are meant to note the Aussie franchises looking better.
And here’s last months.
Aussie franchise was down ~14% LFL, now down -11% LFL, which is better at the margin.
We are still quite bearish on the retailers ahead of Christmas, and can’t see how there’s enough pie for everyone (e.g., share of wallet left over after servicing higher cost of debt).
Recent resumptions of rate hikes over November raise the spectre of a Grinch-like Xmas.
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