Australia's Universal Store flags tight trading conditions; shares drop

Aurora Energy Metals

24/05/2023 01:47

** Shares of Universal Store Holdings Ltd  UNI.AX  dip as
much as 16.9% to A$3.440, set to record worst day ever, if
losses hold
    ** The fashion retailer says trading conditions observed
throughout April and May to date have further tightened
    ** Co expects subdued environment to continue for the
balance of FY23 and into FY24
    ** Says inventory at June 30 expected to be higher than
prior year 
    ** Co, however, says Universal Store business on track to
deliver 'record' sales in FY23
    ** Adds FY23 (unaudited) group sales expected to be between
A$258 mln ($175.00 mln) and A$261 mln vs A$208 mln reported in
FY22
    ** Stock, the biggest laggard on ASX All Ordinaries Index
 .AORD 
    ** Shares hit their lowest level since June 22, 2022 and on
track for a third consecutive session of loses 
    ** UNI stock down 20.1% YTD, as of last close 
    
($1 = 1.4743 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))