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Premier Investments (ASX: PMV) owns two core retail brands: Peter Alexander, which specialises in sleepwear, pyjamas and loungewear, and Smiggle, which sells children’s stationery, school supplies, bags and accessories. Premier also holds a 25% stake in Breville Group (ASX: BRG), the kitchen appliance maker. Its former apparel brands — Just Jeans, Jay Jays, Portmans, Dotti and Jacqui E — were sold to Myer in January 2025.

The Australian consumer is struggling and it’s been reflected in the discretionary names, which again weighed on the ASX on Thursday:

After mentioning Woollies and mince this morning we’ve revisited WES, far from a direct rival but still a discretionary retailer with brands such as Bunnings, Kmart and Officeworks. We last looked at WES following its solid FY26 result here, in August, when the stock was ~$80. After dropping $3, it's on our radar in line with our comments back then: “The dividend increase is welcome, and the core franchises remain first class, but we’d want either a better entry point or a stronger earnings acceleration before becoming more enthusiastic.”

Temple & Webster (TPW) has endured an awful year driven by three compounding factors: repeated earnings disappointments that undermined its growth narrative, margin pressure from aggressive competitive discounting, and a sharp de-rating of a valuation that had priced in better execution.

NCK –15.34%: delivered a disappointing trading update showing signs of weakness across Australia and New Zealand, flagging a material downgrade to first-half earnings expectations.

We are adding a new position to the Growth Portfolio

Nick Scali (NCK) has had a difficult run since its FY26 result, with the stock now back around $14 as investors remain cautious on the Australian consumer and housing cycle.We own NCK in the Emerging Companies Portfolio and, while the domestic environment remains soft, we think the market is becoming increasingly focused on the wrong part of the story.