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YETI delivered a solid 1Q result overnight and raised FY26 guidance. The stock opened up over 15% higher, before closing up ‘only’ 6%. The outdoor lifestyle brand continues to show decent pricing power and consumer relevance across its core categories of drinkware, coolers and equipment, while the wholesale channel was the standout, suggesting retailers are restocking and/or giving more shelf space to new products. The offset was softer direct-to-consumer momentum, some international softness and the ongoing risk that tariffs and a weaker US consumer environment start to bite later in the year.

TPW –6.39%: Fell after issuing softer FY26 revenue guidance, with the market reacting negatively to slowing top-line momentum and a clear shift toward profitability over growth.

Wesfarmers was a dominant member of the “Certainty Trade” which propelled several high flying “Blue Chips” to unprecedented levels (and valuations) in 2025.

SUL –2.92%: Traded lower today after a softer trading update released after market yesterday. The result showed a weakening consumer as margins and headline sales both came under pressure over the recent period. 

JBH -6.28%: was hit today after its March quarter update missed expectations, with the Australian business delivering positive but underwhelming comparable sales growth. The result was not bad in absolute terms, JB Australia and The Good Guys are still growing in a tougher retail backdrop, but the market was positioned for better, particularly given the stock’s recent bounce from the lows. The bigger concern for us was around margin pressure, with management calling out supplier cost inflation, stock shortages and heightened competition across technology categories going into an important sales period pre-June 30.

The EV tipping point may have just arrived. Second-hand electric vehicle sales more than doubled in March, with 7,557 units sold compared to a monthly average of 3,340 since October — a surge that speaks volumes about how quickly the Middle East conflict is reshaping the way Australians think about getting from A to B.

SUL has delivered two strong results since last August ’25 but economic conditions have weighed on the stock, we liked Februarys result Here. This is a company MM likes and we held the stock in both our Active Growth & Income Portfolios through 2025, managing to take a profit on both as the sector crumbled with the RBA adopting a hawkish stance on interest rates.

LOV missed expectations when it reported in February Here and the stocks suffered accordingly. We like to buy companies that are performing well but are being dragged lower by conditions out of their control, especially for a stock like LOV which is trading on 27x - its priced for growth which its now starting to find increasingly hard.

SUL delivered a sold 1H result in late February Here, pushing the stock up over 8% which importantly pointed to a clear improvement in trading momentum early in the second half, before the war! The retail sector has struggled through March as the war pushes up inflation concerns, bond yields and the prospect of three RBA rate hikes before Christmas.