Chanticleer

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.

Jun 20, 2023 – 11.11am

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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.