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Profits at ASX-listed drinks retailer and hotels operator Endeavour Group have fallen by 16% for the 2025 year.
Endeavour, which is waiting for former A2 Milk chief Jayne Hrdlicka to take over as chief executive in January, posted a A$426m ($471m) net profit, blaming cost of living pressures.
The company slashed its dividend by 13.8% to A18.8 cents per share.
Australia's largest bottleshop operator, which owns the Dan Murphy's and BWS brands, reported a slight 0.3% dip in group sales to A$12.1 billion.
The result was lower than market expectations and Endeavour shares were 1.7% lower at A$4.13 by midday in Australia, valuing the company at A$12.30.
The stock has fallen steadily over the past year, and the 12 month high is A$5.55.
Listed automotive company Turners expects another record half-year result despite the difficult economy putting pressure on consumer spending.
In an update today, it said the business was tracking for earnings growth of 10% or above in the six months ended September 30. Net profit before tax (npbt) is expected to be above the previous record of $26.9 million last year.
Turners said trading in the auto retail division was ahead of last year, while the finance business had strong book growth, and insurance also performed well. Meanwhile, for credit management, the struggling economy had resulted in higher arrears.
“While macroeconomic conditions remain patchy, Turners is confident in its growth plan.”
It said it was on track to achieve its full-year target of $65m npbt ahead of schedule.
New Zealand’s retail sector notched slight growth in the June quarter, with gains across some industries.
Statistics NZ today reported the total volume of retail sales rose 0.5% in the June quarter, compared with the March quarter.
Economic indicators spokesperson Michelle Feyen said electrical and electronic goods, grocery, and pharmaceutical retailers had the biggest gains.
Overall, eight of the 15 retail industries measured had higher retail sales volumes.
Westpac senior economist Satish Ranchhod said the June-quarter data was better than expected. “While overall spending growth is still modest, spending appetites are gradually firming, including a lift in some discretionary categories.”
Last week, the RBNZ cut the official cash rate by 25 basis points to 3%, and its August Monetary Policy Statement forecast an OCR low of 2.5%. Many economists think there will be two further cuts this year.
Tourism Holdings has posted a statutory net loss after tax of $25.8 million, on the back of $54.5m in one-off adjustments, related mainly to write-downs at its US business and US and UK deferred tax assets. The market had expected the net profit after tax loss to be in the vicinity of $7.4m.The dual NZ/ASX-listed campervan and tourism company – the world's biggest with 8564 rental vehicles across a host of brands including Maui, Britz, and Apollo – saw revenues up slightly to $937.2m. Describing the trading environment as challenging, chair Cathy Quinn said the performance reflected bottom-of-the-cycle market conditions, although the company believes the market cycle is beginning to turn. The company received an unsolicited offer from a consortium led by private equity firm BGH Capital in June at $2.30 a share. The board rejected that offer, saying the company was worth north of $3. The board also declared a final dividend of 4c a share, on the back of confidence in its outlook.
For the six months through to the end of June, Scales Corporation reported revenue up 17% to just under $372 million.
Meanwhile, net profit for the diversified agribusiness increased 51% to $57.6m.
Scales reported an underlying earnings before interest, taxes, depreciation, and amortisation (ebitda) of $86.7m, up 43% year on year.
Full-year underlying net profit after tax attributable to shareholders (npatas) was forecasted to range between $45m and $50m.
The global proteins division generated an underlying ebitda of $29.7m, up from $29.6m year on year. During the half, Scales also acquired an additional 7.5% of meat processing plant, Shelby.
Meanwhile, the underlying ebitda for logistics improved 60% to $6.1m up from $3.8m.
The horticulture division recorded an underlying ebitda of $53.2m, up from $30m year on year. The forecasted amount of exported apples was up 21% to 3.7 million tray carton equivalent.
New Zealand King Salmon chief financial officer Ben Rodgers has resigned.
Rodgers, who joined the NZX-listed salmon farming company in 2021, will depart in November.
NZKS chief executive Carl Carrington said: “Ben has made a significant contribution in advancing our organisational and operational capability as the business prepares for transformational growth. Ben’s energy, leadership and mana resonates across the business and puts us in a good space to be rightfully excited for the future.”
Prior to his time at NZKS, Rodgers was deputy CFO at Z Energy and Kiwibank.
