Best & Less Group falls, needs significant sales growth to maintain 1H results

Best & Less group

22/11/2022 24:57

** Shares of Best & Less Group Holdings Ltd  BST.AX  plunge
as much as 12.9% to A$2.370, their biggest intraday pct fall
since Aug. 31
    ** Australia's apparel specialty retailer says sales through
20 weeks of trading in 1H23 on a like-for-like basis are down
7.4% overall from a year ago
    ** Adds while unaudited YTD earnings to October-end are in
line with a year ago, will have to increase sales growth
significantly from current levels to maintain its results for
1H23
    ** In 1H22, BST recorded sales of A$287.5 mln ($190.24 mln)
    ** Sees benefit of sales being deferred to 2H23
    ** More than 317,000 shares change hands, vs the 30-day
average volume of 177,000 shares
    ** BST worst performer in the ASX All Ordinaries index
 .AORD 
    ** Stock has fallen 33.7% this year as of last close, vs a
5.7% decline in the ASX All Ordinaries index 
($1 = 1.5113 Australian dollars)
 (Reporting By Udbhav Krishna P in Bengaluru)
 ((UdbhavKrishna.P@Thomsonreuters.com))