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JBH and a number of other discretionary retail stocks were under pressure yesterday following the Fair Work Commission’s decision to lift minimum and award wages by 4.75% from 1 July. The move impacts around 2.8 million workers and has clear implications for labour-intensive sectors such as retail, hospitality and services.

Yesterday, in similar fashion to Goodman, Eagers delivered a trading update that saw the stock sharply sold-off before reversing higher (+1.8%) as analysts delved into the details - the stock recovered ~17% from its intra-day spike low under $20. The market's “sell first, and ask questions later” recent characteristic may have caught a few short-term traders this week.

Nick Scali has basically halved in 2026 with Januarys result delivering most of the losses, discussed here. At the time their 1H result was a healthy beat but they set the scene for retail as it was accompanied by a cautious outlook - on the money in hindsight. However, this is a great business that’s expanding well across the UK, and it's noticeable that its downside momentum is slowing, even as global bond yields surge higher.

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.