BUZZ-Australia's Temple & Webster hits 3-year low on weak outlook, soft consumer confidence
S&P Global SPGI | 0.00 |
** Shares of Australian online furniture retailer Temple & Webster TPW.AX fall 14.7% to A$4.540, their lowest level since May 17, 2023
** TPW top loser in the ASX200 benchmark index .AXJO; marks its worst intra-session loss since April 23
** Co forecasts FY26 revenue between A$665 million ($481.39 million) and A$675 million, up to 12% higher than last year but missing the Visible Alpha consensus of A$714.8 million
** FY26 EBITDA forecast up to A$22 million, missing market consensus of A$25.5 million
** Co says it has chosen to rebalance between profit and growth in its core business as consumer confidence slumps amid global geopolitical tensions
** Says adjusted prices across all products and revamped its marketing strategy over the last two months
** Citi says the rebalance means "business will be better placed to navigate/survive a downturn", but remains cautious after a number of "unexpected pivots to company strategy/management"
** More than 1.4 million shares change hands, vs the 30-day average of 1.16 million
** TPW stock down 61% this year, as of last close, sharply underperforming the ~18% decline in the consumer discretionary index .AXDJ
($1 = 1.3814 Australian dollars)
