Annual results underline fears cost-of-living pressures will limit spending – including on side tables and lamps – so much that the economy will shift into reverse
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What do sales of six-seat modular sofas and matching buffet tables tell us about the financial health of households and the broader economy? Quite a lot, it turns out. And, according to market professionals, it does not look good.
Annual profit at Sydney-headquartered furniture retailer Nick Scali fell almost 20%, according to results released on Friday. Crucially, sales order growth for the past two months has turned negative, down 1.2% from the prior year.
Continue reading…Annual results underline fears cost-of-living pressures will limit spending – including on side tables and lamps – so much that the economy will shift into reverseFollow our Australia news live blog for latest updatesGet our morning and afternoon news emails, free app or daily news podcastWhat do sales of six-seat modular sofas and matching buffet tables tell us about the financial health of households and the broader economy? Quite a lot, it turns out. And, according to market professionals, it does not look good.Annual profit at Sydney-headquartered furniture retailer Nick Scali fell almost 20%, according to results released on Friday. Crucially, sales order growth for the past two months has turned negative, down 1.2% from the prior year.Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup Continue reading…