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Best & Less reveals Australia’s spending pain, and there’s more to come

At the other end of society there is plenty of cash, but it is not finding its way to Best & Less. Instead, it’s going to Qantas, Westfield owner Scentre, Treasury Wine Estates and health insurers.

Another day, another retailer revealing sliding earnings. This time it is discounted clothing group Best & Less, whose sales have fallen 13.2 per cent in the past five weeks.

Clearly, interest rate increases are starting to bite. Anything exposed to mortgage holders or low-income families or workers is struggling.

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Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com

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    Original URL: https://www.afr.com/chanticleer/best-and-less-reveals-australia-s-spending-pain-and-there-s-more-to-come-20230620-p5dhvd