Property developer Stockland, betting giant TabCorp , and health insurance firm NIB are among the latest to mothball earnings guidance while Ardent Leisure will shut its Dreamworld and Whitewater World theme parks as coronavirus bans escalate.
Retailer JB Hi-Fi has also withdrawn guidance but reported a surge in sales since the turn of the new year as customers rush to secure technology and products that will allow them to work from home
Superannuation provider Link Group on Monday withdrew its outlook while TabCorp said its wagering and media, Keno and pokie segments will likely be affected after the federal government ordered operators of venues where people gather, such as pubs, cinemas, gyms and restaurants to close on Monday.
TabCorp said convenience stores and other such outlets, which distribute the company’s lottery products, are not covered by the measures and will remain open.
It is expected that newsagencies, which also distribute Tabcorp’s Lottery products, will remain open but this is not yet confirmed.
Ardent has temporarily closed its Dreamworld and Whitewater World theme parks but some staff will continue working at the theme parks to feed animals and maintain equipment.
Total sales growth for JB Hi-Fi Australia was 9.1 per cent from January 1 to March 22 alone, with comparable sales growth of 8.8 per cent as people stock up on tech and entertainment goods amid tightening social isolation measures.
Total sales growth for JB Hi-Fi-owned The Good Guys was 10.4 per cent with comparable sales growth of 10.4 per cent, but JB Hi-Fi NZ has continued to struggle.
Elsewhere, The Reject Shop says it experienced a material increase in sales driven by customer concerns around coronavirus.
Comparable sales growth for the first twelve weeks of the second half of FY20 now sit at 8.2 per cent.
A week ago comparable sales were 5.7 per cent – meaning comparable sales jumped 36.1 per cent in that time.
This was driven by strong category performances in groceries, cleaning, toiletries and pet care.
The Reject Shop company said it recognised the uncertain duration of the elevated sales activity pertaining to coronavirus and cautions against assuming that these elevated sales will continue through to the end of FY20.
Sky City has withdrawn its earnings guidance saying it will close its Adelaide Casino on Monday following the ban on licensed clubs, pubs, cinemas, casinos and places of worship.
AMP meanwhile says its annual general meeting will still go ahead on Friday, May 8, but they’re asking shareholders not to attend in person.
AMP strongly encourages shareholders to consider lodging a directed proxy rather than attending the meeting in person.
Due to the current government rules on non-essential events AMP has also cancelled the shareholder information session with AMP’s Chief Economist Shane Oliver, scheduled to take place prior to the AGM.
Virgin Australia and Regional Express expect to cut domestic schedules further as a result of new coronavirus travel restrictions.
Beleaguered Flight Centre has cancelled its fully-franked 40 cents per share interim dividend, a $40.1 million payout to shareholders that was due in April.
AAP
Be the first to comment