In afternoon trade on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 0.5% to 6,845.1 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling lower:

Challenger Ltd (ASX: CGF)

The Challenger share price has crashed 13.5% lower to $6.24 following the release of its half year results. For the first half of FY 2021, Challenger reported a 12% increase in annuity sales to $2.2 billion and a 10% lift in total life sales to $3.4 billion. However, despite the sales growth, normalised net profit before tax (NPBT) fell 30% to $196 million.

DEXUS Property Group (ASX: DXS)

The DEXUS share price has fallen 3% to $8.47. Investors have been selling the property company’s shares following the release of its half year results. DEXUS reported a half year net profit after tax of $442.9 million. This was down 55.5% on the prior corresponding period due primarily to net revaluation gains being lower than those recognised a year earlier.

Emeco Holdings Limited (ASX: EHL)

The Emeco share price is down 9% to $1.13. This follows the release of the equipment rental company’s half year update. Although Emeco reported a 21.1% increase in revenue to $298.6 million, its net profit fell by a massive 87.7% to $3.3 million.

Zip Co Ltd (ASX: Z1P)

The Zip share price is down 2% to $9.62. At one stage today the buy now pay later provider’s shares were down as much as 6.5% before recovering slightly. This appears to have been driven by profit taking after some very strong gains in recent weeks. In fact, prior to today, the Zip share price was up a remarkable 75% since the start of the year. This impressive gain was driven largely by a very strong quarterly update last month.

More reading

• Why the Dexus (ASX:DXS) share price is slipping today
• ASX 200 down 0.4%: Macquarie impresses, Challenger disappoints, & Suncorp rises
• Why did the Emeco (ASX:EHL) share price take a 10% dive today?
• Why the Challenger (ASX:CGF) share price is tumbling 6% lower today
• Will LimePay IPO drive ASX BNPL shares even higher?

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Challenger Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why Challenger, DEXUS, Emeco, & Zip shares are tumbling lower appeared first on The Motley Fool Australia.

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The Dexus Property Group (ASX: DXS) share price is dipping today following the release of mixed first-half results for FY21.

At the time of writing, shares in the leading Australian real estate group are swapping hands for $8.50, down 2.75%.

How did Dexus perform?

For the period ending 31 December 2020, Dexus reported net profit after tax (NPAT) of $442.9 million. The result was a 55.5% decrease from the prior corresponding period due to net revaluation gains of investment properties. External auditors independently valued a total of 111 of 122 of Dexus’ office and industrial properties.

Adjusted funds from operations (AFFO) and distribution stood at 28.8 cents per security. This represented an increase of 7.1% and 6.7%, respectively, over the same time last year. The lift in AFFO and distribution was attributed to increased trading profits of $47.1 million.

Dexus experienced relatively strong rent collection with 96% of its entire portfolio paying on time. It noted that during the period, management focused on cash collection while ensuring the stability of its small-to-medium-sized business customers.

The company advised it has a healthy balance sheet of $1.7 billion in cash and undrawn debt facilities.

What did management say?

Dexus CEO Darren Steinberg commented on the company’s results:

Despite the widespread impact of the pandemic, the first half of FY21 has been characterised by increased leasing activity, relatively strong rent collections, initiatives to grow our funds management business and the selective recycling of assets.

Our high-quality portfolio, the strength of investment demand for quality assets, and our platform capabilities will enable us to drive performance in this next stage of the real estate cycle.

Outlook

Looking ahead, the company will seek to expand revenue streams as COVID-19 may continue to linger for some time. While working from home has impacted revenues, Dexus believes that the office sector is needed for running business operations.

The company expects its full-year distribution per security to remain in line with the previous year of 50.3 cents. However, it stated that the forecast could change depending on renewed lockdowns or unforeseen circumstances.

About the Dexus share price

During March 2020, the Dexus share price was hit hard when government restrictions enforced widespread lockdowns. The company’s shares fell from a 52-week high of $13.51 to a multi-year low of $8.03 in August – the time when the Victoria government introduced stage 4 restrictions.

Based on the current share price, Dexus commands a market capitalisation of roughly $9.3 billion.

More reading

• 5 things to watch on the ASX 200 next week
• Why the DEXUS (ASX:DXS) share price just got upgraded by a top broker
• 5 things to watch on the ASX 200 on Monday

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) has failed to follow the lead of US markets and is dropping lower. The benchmark index is currently down 0.4% to 6,854.3 points.

Here’s what is happening on the market today:

Macquarie update impresses

The Macquarie Group Ltd (ASX: MQG) share price is jumping higher today after investors responded very positively to the release of its third quarter update. According to the update, Macquarie experienced improvements in trading across its business during the three months ended 31 December. This led to growth across both its annuity-style businesses and markets-facing businesses compared to the prior corresponding period. Looking ahead, management expects to report a full year profit result slightly down on FY 2020.

Challenger disappoints

The Challenger Ltd (ASX: CGF) share price is sinking lower today following the release of its half year results. For the six months ended 31 December, Challenger reported annuity sales of $2.2 billion and total life sales of $3.4 billion. This was a 12% and 10% increase, respectively, over the prior corresponding period. Despite the sales growth, Challenger reported a normalised net profit before tax (NPBT) of $196 million, down 30% on the same period last year. This fell short of the market’s expectations.

Suncorp half year results

The Suncorp Group Ltd (ASX: SUN) share price is pushing higher today after delivering a better than expected half year result. For the six months ended 31 December, Suncorp reported a 39.5% increase in half year cash profit to $509 million. This allowed the Suncorp board to declare a fully franked interim dividend of 26 cents per share.

Best and worst ASX 200 performers

The worst performer on the ASX 200 on Tuesday by some distance is the Challenger share price with an 11% decline. This follows its half year update. The best performer has been the Macquarie share price with a 7% gain following its stronger than expected quarterly update.

More reading

• Why Douugh, Macquarie, Starpharma, & Suncorp shares are storming higher
• Here’s why the Macquarie (ASX:MQG) share price is surging 7% higher
• Why the Challenger (ASX:CGF) share price is tumbling 6% lower today
• Real reporting season surprise isn’t about profits but dividends
• Why the Suncorp (ASX:SUN) share price is in focus

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Challenger Limited and Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

If you’re a fan of (or more importantly an investor in) ridesharing services, this is a week to make sure that you’re awake at the wheel. Lyft Inc (NASDAQ: LYFT) reports its fourth-quarter results shortly after the close on Tuesday. Larger rival Uber Technologies Inc (NYSE: UBER) pulls over for its fresh financials the following day.

Lyft and Uber seem to be joined at the hip in the eyes of Wall Street. They are the two undisputed leaders in the US car-hailing market. They also went public just five weeks apart in the springtime of 2019. But pop open the hoods, and you’ll find two different engines in action. Lyft will take some time to warm up in the new normal, but Uber should impress you.

Lyft you higher

Lyft was the first of the two ride-hailing platforms to go public, and since it reports first this week, we may as well start there. The coronavirus pandemic has naturally hit the personal mobility market hard. With more people working, learning, and playing at home to contain the spread of the COVID-19 virus, demand has dropped sharply since mid-March of last year.

As the smaller of the two players, Lyft stood out when it hit the market by growing a lot faster than Uber. Lyft’s business has also been the harder hit of the two companies on the way down. We’ve seen revenue at Lyft decline 61% in the second quarter of last year, the first full period under the grip of the pandemic. The top line took a 48% year-over-year hit in the third quarter. Analysts see that improving marginally to a 45% decline when it reports on Tuesday afternoon.

The climate is getting kinder, but for now, the problem is the temporary pause on conventional ride-pooling. UberPool and Lyft’s shared-ride feature were suspended in March of last year. The ride-pooling was a win-win for the platforms. Riders willing to share a car with others going in the same direction would receive lower fares. Drivers would make more money by lumping overlapping routes in the same vehicle. This doesn’t fly in the new normal, where strangers shouldn’t be sharing the backseat even if they are donning the now-required masks.

The market’s been kind. Despite the brutal year, Lyft shares moved 14% higher in 2020, and the stock enters this trading week 23% higher than where it was at the start of last year. Investors assume we will resume our ridesharing ways as the vaccination rollout gnaws away at the pandemic as 2021 plays out. For now, expect another sharp quarterly deficit to accompany the 45% revenue hit on Tuesday.

Super Uber

Investors will get a very different report out of Uber after the market close on Wednesday. It’s expected to follow Lyft in posting a quarterly loss that is narrower than the same period a year earlier, but analysts see a mere 12% decline in revenue. 

The difference here is that Uber has emerged as the country’s second-largest player in restaurant delivery. We’re not hailing rides these days, but with indoor dining unsafe (if not entirely off the menu), there’s been an explosion in the popularity of third-party apps that pick up takeout orders and bring them to hungry customers. 

Uber’s third quarter is a perfect illustration of the state of things. Uber’s 18% decline in revenue for the period – way kinder than Lyft’s 48% slide – was the combination of a 53% drop in passenger rides that was largely offset by a 125% increase for Uber Eats. It works. It’s why Uber stock has trounced Lyft, nearly doubling (up 97%) since the beginning of last year. 

It’s not just Uber Eats that is helping the larger of the two players, which now trades at a much higher revenue multiple than Lyft. Uber is an international player, and many overseas markets are closer to bouncing back to pre-pandemic levels. Both stocks should be growing their top lines again at some point later this year, but right now Uber is the one that’s shining brighter than Lyft.  

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

More reading

• ASX 200 down 0.4%: Macquarie impresses, Challenger disappoints, & Suncorp rises
• Why Douugh, Macquarie, Starpharma, & Suncorp shares are storming higher
• Why the Starpharma (ASX:SPL) share price hit a record high today
• Why did the Emeco (ASX:EHL) share price take a 10% dive today?
• Scentre (ASX: SCG) dividend restart fails to quell sceptics

Rick Munarriz has no position in any of the stocks mentioned.  The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Uber Technologies. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Uber and Lyft: A tale of two earnings reports appeared first on The Motley Fool Australia.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) looks set to end its winning run. At the time of writing, the benchmark index is down 0.3% to 6,861.6 points.

Four ASX shares that have not let that hold them back are listed below. Here’s why they are storming higher:

Douugh Ltd (ASX: DOU)

The Douugh share price is up 13% to 17.5 cents. Investors have been buying the financial wellness app provider’s shares after it revealed a new feature to partly automate saving and bill paying. However, Douugh continues to avoid revealing just how many active users it has on its app.

Macquarie Group Ltd (ASX: MQG)

The Macquarie share price has jumped 7% to $143.95 following the release of its third quarter update. According to the release, Macquarie experienced improvements in trading across its business during the three months ended 31 December. Looking ahead, management advised that it expects to report a full year profit result slightly down on FY 2020.

Starpharma Holdings Limited (ASX: SPL)

The Starpharma share price has stormed 5% higher to $2.05. Investors have been buying the dendrimer product developer’s shares following the release of an announcement relating to its AZD0466 product. According to the release, AstraZeneca has informed Starpharma of its intention to expand the clinical program for AZD0466 to include a multi-centre global Phase 1 study. The study will recruit patients with acute leukaemias.

Suncorp Group Ltd (ASX: SUN)

The Suncorp share price is up almost 3% to $10.72. This follows the release of the banking and insurance giant’s half year results this morning. For the six months ended 31 December, Suncorp reported a 39.5% increase in half year cash profit to $509 million. And while its net profit after tax was down 23.7% to $490 million, this was driven largely by an asset sale in the prior corresponding period. In October 2019, Suncorp recorded a $293 million gain on the sale of the Capital S.M.A.R.T and ACM Parts businesses.

More reading

• Why the Starpharma (ASX:SPL) share price hit a record high today
• Why the Douugh (ASX:DOU) share price is charging 16% higher today
• Here’s why the Macquarie (ASX:MQG) share price is surging 7% higher
• Why the Suncorp (ASX:SUN) share price is in focus
• 5 things to watch on the ASX 200 on Tuesday

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Starpharma Holdings Limited. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended Starpharma Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Starpharma Holdings Limited (ASX: SPL) share price has been a very positive performer on Tuesday.

At one stage today, the dendrimer product developer’s shares jumped 7.5% to hit a record high of $2.10.

The Starpharma share price has since given back some of these gains but is still up 4% to $2.03 at the time of writing.

Why is the Starpharma share price racing higher?

Investors have been buying Starpharma’s shares after it provided an update on its AZD0466 product.

AZD0466 is a highly optimised nanomedicine formulation of AstraZeneca’s novel dual Bcl2/xL inhibitor which utilises Starpharma’s DEP technology. It utilises DEP to improve the formulation characteristics and therapeutic index of the anti-cancer agent and is currently in a phase 1 trial in the United States.

According to today’s update, AstraZeneca has informed Starpharma of its intention to expand the clinical program for AZD0466 to include a multi-centre global Phase 1 study. The study will recruit patients with acute leukaemias.

The healthcare giant made the move after preclinical data highlighted the potent and broad ranging anti-cancer activity of AZD0466 which results from the dual Bcl2 and Bcl/xL activity.

It provided positive preclinical data for AZD0466 in haematological cancers, including those resistant to venetoclax. AZD0466 also demonstrated superior anti-cancer activity in preclinical models of haematological cancers, including Acute Myeloid Leukemia (AML), Acute Lymphoblastic Leukemia (ALL) and Non-Hodgkin’s Lymphoma.

Starpharma’s CEO, Dr Jackie Fairley, was very pleased with the news.

She commented: “We are excited to see the global expansion of the clinical program for AZD0466 and AstraZeneca’s commitment to bringing this important medicine to patients in need, as quickly as possible.”

“There has been great enthusiasm for the global study from investigators and we understand that the intention is to expedite development of AZD0466 with the objective of obtaining regulatory approval for specific indications of high unmet clinical need. We look forward to further progress and clinical data for this exciting oncology medicine,” Dr Fairley concluded.

More reading

• Starpharma (ASX:SPL) share price dips on quarterly update

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Starpharma Holdings Limited. The Motley Fool Australia has recommended Starpharma Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Emeco Holdings Limited (ASX: EHL) share price opened 10% lower today after the company released its half-year report for the period ended 31 December 2020. 

At the time of writing, the Emeco share price is trading down 8.87% at $1.13.

Emeco provides a rental fleet of more than 1,000 machines to mining operations around Australia. The company uses big data to assess projects and provide the necessary machinery for its clients.

How did Emeco go during the first half of 2021?

Emeco reported an operating net profit before tax of $37.7 million for the first half of FY21. This is $3.8 million less than what the company delivered 1H FY20.

Rental revenue also slipped 4.8% to $199.8 million, predominantly due to weaker market conditions in the Eastern region.

The coronavirus pandemic also took a swing at the company’s earnings. 

Operating earnings before interest, tax, depreciation and amortisation (EBITDA) was down 3.5% to $117.9 million. However, this is still at the upper end of the guidance range of $115 to $118 million.

Emeco finalised its acquisition of Pit N Portal Mining Services Pty Ltd and Pit N Portal Equipment Hire Pty Ltd at the 31 December 2020 reporting date.

The company acquired Pit N Portal for $70,802,995 settled by an upfront cash payment of $62,000,000 and Emeco shares issued to the sellers of $9,178,744, less an additional cash payment of $375,749.

Group revenue hiked up 21.2% to $298.6 million for 1H FY21, with the company crediting the Pit N Portal acquisition as being a major player in the jump.

Outlook

The company believes that the flat rental earnings achieved in the first half FY21 will improve in the second half.

Emeco expects to report growth in FY22.

Supporting this growth will be an idle fleet of equipment in the east being placed into new projects and single shift projects in the west being converted to double shift projects.

Rental flexibility also exists with the company’s ability to relocate its assets as required.

Emeco notes that the company’s workforce is more than 1,000 strong. During the 2021 calendar year, the business will upgrade its employee recruitment, onboarding and training capability. 

The company intends to sustain an FY21 capital expenditure (CAPEX) of approximately $115 million. 

Emeco further advised that the company has been awarded fully maintained projects in coal, starting in the fourth quarter of FY21. A new metals project requiring a wide range of equipment and services for a 5-year contract will also start in late FY21.

More reading

• These 3 ASX stocks are the latest “buy” ideas from top brokers

Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Investors are torn about the Scentre Group (ASX: SCG) share price following its latest dividend update today.

The Scentre Group share price is struggling to hold at breakeven this morning after management slashed its final dividend.

However, the Australian Westfield shopping centre operator said that business is rebounding from the COVID-19 shock.

Scentre restarts dividend with smaller payout

The pandemic has hit retail property hard as social restrictions have driven shoppers online. Tenants, including Premier Investments Limited (ASX: PMV), are pushing landlords to cut rents in the fact of this new paradigm.

It doesn’t come as a big surprise that Scentre Group announced today that it will cut its final dividend to 7 cents a share. That represents a 38% cut to the second half dividend it paid this time last year.

But supporters will point out that the payout is great news. After all, Scentre Group paid nothing in the six months before as COVID rocked markets.

Silver lining to Scentre’s update

Further, rent collection improved in the second half of 2020. Receipts in the course of operations during the period came in at $1.3 billion compared to $1.06 billion in the first half of last year.

The group’s earnings were also bolstered by cost reduction. Management reported that operating, finance and other expenses dipped to $788 million in the latest half compared to $798 million in 1HFY20.

The improved cash receipts include the continued improvement in cash rental collections. The group collected around $1.18 billion of rent in the second half of 2020 – a 35% increase over the first half.

Questions on dividends and earnings linger

Despite these positives, concerns about future earnings will not ease following the update. While Scentre Group will have the upper hand in negotiating rents with smaller retailers, the larger ones aren’t likely to give ground.

The pandemic has taught them that having a shop in a premium centre isn’t necessarily as great as what it used to be.

Not only is online shopping expected to capture a significantly larger slice of shoppers, retailers that want to offer “click and collect” know they don’t need to be in mega malls to offer this convenience.

Foolish takeaway

Retailers are probably looking at opening shops in smaller neighbourhood centres where rents are lower.

I suspect this will favour the Shopping Cntrs Austrls Prprty Gp Re Ltd (ASX: SCP) share price, which is gaining ground today on a positive update.

Scentre Group will release its full year results on 24 February.

More reading

• SCA (ASX:SCP) share price rises on double-digit increase in dividend and profit
• Real reporting season surprise isn’t about profits but dividends
• 2 ASX 200 shares to buy for income
• 2 ASX 200 shares to buy for growth
• The ASX small cap with the best global expansion potential may not be tech

Motley Fool contributor Brendon Lau has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool Australia owns shares of Shopping Centres Australasia Property Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The IOUpay Ltd (ASX: IOU) share price has been a very strong performer on Tuesday morning.

At the time of writing, the Malaysia-based buy now pay later (BNPL) provider’s shares are up a massive 30% to 26 cents.

This leaves the IOUpay share price trading within sight of its record high of 28 cents.

Why is the IOUpay share price rocketing higher?

Investors have been buying IOUpay shares today following the release of a positive announcement.

According to the release, the company has entered into a merchant referral agreement with EasyStore Commerce. This agreement will enable EasyStore’s merchants and end-user customers to utilise IOUpay’s BNPL payment services.

What is EasyStore?

The release explains that EasyStore was established in Malaysia in 2013 to capitalise on the fast-growing market needs for merchants and their customers to leverage smarter access to multiple ecommerce sales channels, social media, and payment platforms.

EasyStore has since expanded to service more than 7,000 merchants across the South East Asian (SEA) markets, which includes Malaysia, Singapore, Indonesia, Philippines, Thailand, Hong Kong and Taiwan.

In 2020, EasyStore merchants processed over 20 million transactions with a total transaction value (TTV) of approximately A$435 million.

IOUpay’s CEO, Khong Kok Loong, commented: “We are delighted to be partnering with online shopping specialist EasyStore to rollout our BNPL offering to merchants and consumers. EasyStore’s dedication to real value added merchant services and their SEA focus is an excellent fit with IOUpay’s positioning and objectives.”

This sentiment was echoed by EasyStore’s Co-Founder and Head of Business Development, Alan Kok Kim Lin.

He said: “We are looking forward to partnering with IOUpay to enable our merchants and their customers to have access to the clear benefits of their Buy Now Pay Later payment services. The BNPL service offering is a natural value add for our merchants to grow their businesses.”

More reading

• Why the IOUpay (ASX:IOU) share price jumped 11% higher today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Furniture chain Nick Scali Limited (ASX: NCK) is giving back $3.6 million it received in COVID-19 government assistance.

Last week, the company reported record numbers across the board in its half-yearly results, ending up with a 99.5% boost to its net profit.

The positive numbers resulted in a 40% increase in dividends, which saw managing director and major shareholder Anthony Scali pocket $4.4 million.

This situation triggered political outrage as the retailer had pocketed about $7.7 million in JobKeeper over the 2020 calendar year.

“Nick Scali’s corporate social responsibility policy says the firm isn’t just there for the shareholders, so if they really believe that they’d hand the money back,” federal Labor politician Andrew Leigh told Nine newspapers at the time.

“The Scali family has done extremely well… They simply didn’t need taxpayer support and they should give it back to people who need it.”

Nick Scali agrees to hand back money — but not all of it

Nick Scali on Monday night relented to public pressure, although it didn’t cave all the way.

The furniture retailer announced after ASX close of trade that it would return $3.6 million of wage subsidies.

“The company fully recognises that it has benefited from the increased consumer confidence this program has created, which has resulted in record sales and net profit after tax,” stated the company.

“The company is very appreciative of the federal government’s JobKeeper policy, which was highly successful and of great assistance at the height of the pandemic.”

Nick Scali, which has a market capitalisation of $920 million, pointed out it needed the subsidy to counter government-enforced lockdowns.

“The JobKeeper scheme enabled the company to continue to pay employees throughout the state government-mandated closures in Melbourne throughout August, September and October,” it stated.

“And continue to pay employees in full during other temporary COVID-related store closures in South Australia and Western Australia as recently as last week.”

The Nick Scali share price was up 2.21% at the time of writing on Tuesday morning.

More reading

• How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?
• ASX stock of the day: Temple & Webster (ASX:TPW) goes from strength to strength
• Brokers name 3 ASX shares to buy right now
• ASX 200 falls 0.9%, Nick Scali reports, Vulcan jumps
• 3 ASX dividend shares with large yields and consistent payouts

Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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