After a few weeks of constant downward trends, it seems that some online retailers are bouncing back, with Temple & Webster leading the pack. What caused the change in heart, and will it last?
Temple & Webster’s share price has increased today, up 9.38 percent since opening this morning. While other retailers on the ASX have had a hard few weeks, T&W is making a comeback.
Hitting the lowest share price of $3.17 on Thursday, the shares of the online furniture retailer increased to $3.51 on Monday. There haven’t been any indicators of why this has happened, but it’s a welcomed change.
Similarly to T&W, other retailers that have been falling week-on-week, such as Kogan, Bike Exchange, and Adore Beauty, have both seen increases today. Kogan has been on an ongoing downward trend, but returned to the green, increasing 5.36 percent to $2.95 a share. BikeExchange follows closely behind, lifting 5.26 percent to $0.02 per share.
Similarly, Adore Beauty has gone on a rollercoaster ride in the last five days, shedding 9.66 percent. However, since opening today, the online beauty retailer has increased 4.88 percent to $1.08 a share. Even Cettire is up 3.95 percent, now trading at $0.395 a share.
In multiplayer news, Harvey Norman shares are up 3.94 percent to $3.69 a share, JB Hi-Fi increased 3.7 percent to $38.42 per share. Adairs is also up 5.28 percent to $1.795, with Myer Holdings lifting 6.78 per cent to $$0.315.
However, some retailers have shed their share prices, such as Lovisa, which dropped -0.23 per cent, and Dusk, shedding 0.79 percent.
Booktopia has shed the most significant amount, dropping 18.18 percent today to $0.18 per share.
What Caused the Change?
It’s no secret that the current state of the world has impacted ASX severely over the last few months. We’ve noted that the bear market devouring listed retailers, and predicting that it will get worse before it gets better. But were we all too harsh? Perhaps.
Today, the overall ASX 200 fell 0.62 percent (40.1 points). But retail, namely e-com, has remained fairly unscathed. Sure, there are many retailers that are in the red today, but it is reassuring to see that the retailers that have reported ongoing shedding finally seeing some growth again.
Ultimately, it’s too early to tell. But here’s hoping that this is an ongoing trend we’re seeing and not just a one-off. We’ll be back on Wednesday with Stock Watch to track the movement.
Figures are current of ASX on 20 June 2022. This is analysis only and not intended as investment advice.
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