Here are 3 ASX retail shares moving up to 19% on half-year results today

There has been a good amount of results released from the retail sector on Thursday.

Some have gone down well with investors, others have not.

Three ASX retail shares making big moves are listed below. Here’s what they reported:

Reject Shop Ltd ASX: TRS)

The Reject Shop share price crashed as much as 19% to $4.34 following the release of the discount retailer’s half-year results. The company posted a 4.2% lift in sales to $458.3 million but a 12.5% decline in net profit after tax to $14.3 million. Management notes that its profits were “below the Company’s expectations, with higher than anticipated shrinkage and product mix shift being the key negative impacts on gross margin.”

Management also decided not to provide profit guidance for the full year and warned that the “first half performance should not be used as an indicator for the second half of the financial year as the Company typically generates a higher proportion of sales in the first half.”

Super Retail Group Ltd (ASX: SUL)

The Super Retail share price is down 6% to $15.75. This follows the release of the retail conglomerate’s half-year results which revealed a 3% lift in sales to $2 billion but a 6% decline in normalised net profit after tax to $145 million.

Super Retail revealed that its cost of doing business (CODB) as a percentage of sales increased by 90 basis points to 35.3% due to the impact of inflation on wages, rent, and electricity.

Also weighing on sentiment was its trading update, which revealed that like for like sales are down 3% during the first seven weeks of the second half.

Universal Store Holdings Ltd (ASX: UNI)

The Universal Store share price is up 14% to $4.65. Investors have been buying the youth fashion retailer’s shares following the release of a strong half-year update.

The company defied consumer spending weakness to deliver an 8.5% increase in sales to $158 million and 16.7% jump in net profit after tax to $20.7 million. This allowed the company’s board to boost its interim dividend by almost 18% to 16.5 cents per share.

Management also revealed that the second half has started positively.

The post Here are 3 ASX retail shares moving up to 19% on half-year results today appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has positions in Universal Store. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Super Retail Group. 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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