Australia's consumer stocks lag in August earnings season, Jefferies says

Treasury Wine Estates

01/09/2026 20:28

** Jefferies says Australia's August 2026 earnings season was volatile as expected, with consumer stocks generally underperforming
** "2H results & outlook commentary point to a continued
consumer slowdown, albeit at a relatively measured pace," - Jefferies
** The brokerage notes that the outlook for housing-exposed retailers is particularly weak, with falling house prices and restrictive monetary policy 
**  Says refiners Ampol ALD.AX and Viva Energy VEA.AX performed the best among consumer stocks; Treasury Wine Estates TWE.AX and Domino's Pizza Enterprises DMP.AX also outperformed by a reasonable margin
** Adds that Nick Scali NCK.AX, Flight Centre Travel Group FLT.AX, Wesfarmers WES.AX, Harvey Norman Holdings HVN.AX and JB Hi-Fi JBH.AX underperformed materially, with over 10% decline relative to ASX 200 index during the season, while Endeavour Group EDV.AX underperformed too.
** Sees the most downside in Wesfarmers WES.AX; remains positive on Coles COL.AX, Domino's Pizza Enterprises DMP.AX and Flight Centre Travel Group FLT.AX

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))