The Adore Beauty Group Ltd (ASX: ABY) share price is surging higher today despite the companyâs silence.
Though, itâs joined in the green by some of its All Ordinaries Index (ASX: XAO) consumer discretionary peers.
Right now, the Adore Beauty share price is $1.995, 18.75% higher than its previous close.
For context, the All Ords is currently up 0.44%.
So, what might be driving the online retailer of beauty productsâ stock higher on Tuesday? Letâs take a look.
What’s driving the Adore Beauty share price today?
Adore Beauty’s shares are rocketing today alongside those of some of its ASX online retailing peers.
The Temple & Webster Group Ltd (ASX: TPW) share price, for instance, is surging 26% right now.
The furniture and homewares retailer released its earnings for financial year 2022 this morning. It reported a 31% increase in revenue year-on-year and while its earnings before interest, tax, depreciation, and amortisation (EBITDA) slipped to $16.2 million, its EBITDA margin of 3.8% was at the high end of guidance.
Other consumer discretionary stocks outperforming today include Redbubble Ltd (ASX: RBL) and Best & Less Group Holdings Ltd (ASX: BST). Their share prices are lifting 2.7% and 2.6% respectively despite their silence.
Though, it wonât be quiet in the Adore Beauty camp for long. The company is expected to release its financial year 2022 earnings on 29 August.
It will mark the first time the company reports on a full year in which it has been listed. It floated on the ASX midway through financial year 2021.
The Adore Beauty share price lifted 3% after the company posted $179.3 million of revenue and $7.6 million of EBITDA for the 12 months ended 30 June 2021.
The post Why is the Adore Beauty share price rocketing 19% on Tuesday? appeared first on The Motley Fool Australia.
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More reading
- Adore Beauty share price volatile following CEO resignation
- Why I think it’s time to load up on these 2 ASX shares
- Why is the Adore Beauty share price up 22% this week?
- Analysts name 3 exciting small cap ASX shares with major upside potential
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended REDBUBBLE FPO and Temple & Webster Group Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Adore Beauty Group Limited. The Motley Fool Australia has recommended Adore Beauty Group Limited and Temple & Webster Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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