Universal Store chief executive Alice Barbery says young consumers are facing serious pressure from rising rents and university fees, which will dent spending in coming months at the trendy youth apparel retailer.
Shares in Universal crashed 25 per cent after it flagged on Wednesday that while it remains on track to deliver record sales for the year ending June 30, subdued trading will persist into fiscal 2024, after noting that spending in April and May-to-date has tightened.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
