Discretionary Retail

PMV recently provided an update on trading for 1H21, with key highlights including 1H21 EBIT guidance to be $221m-$233m, 1H21 EBIT margin balloons to >28% vs 17.2% in 1H20 and robust sales performance.

On the back of challenging macro stimulus and cautious discretionary spending, our top picks focus on retailers that offer growth through global expansion opportunities or structural tailwinds (such as the shift to online).