Australia Retail

Discount retail giant Costco is stepping up its game with a brand new offering in Australia that’s sure to come as a surprise to many.

A major discount retailer is facing criminal charges for a raft of disturbing alleged child employment offences.

Sky News Business Editor Ross Greenwood says shareholders have urged Brookfield and EIG to raise their takeover price for Origin Energy after Australia’s largest electricity and gas retailer hiked its annual earnings guidance.

“Yesterday Origin Chairman Scott Perkins was hammered at its annual meeting as to why the board accepted, and that argument was enhanced by Origin profit upgrades,” Mr Greenwood said.

“Then, today Origin released the independent expert’s report into that takeover; Grant Samuel said the price for Origin is in the range of $8.45 and $9.48 … therefore, fair and reasonable.

“The independent report did something different by offering a valuation in December – when the deal is due to be completed.

“It suggests the value then could increase 40 cents a share by then meaning the ball is no longer in the park.”

The boss of furniture retailer Nick Scali says it will grow its store network for its key retail brands Nick Scali and Plush, but has warned of slowing sales growth in the first quarter as visits to its stores shrink with its half-year profit expected to drop by as much as one third.

Shares in Nick Scali are up after the furniture retailer revealed plans to expand its footprint, despite weaker first quarter sales.

Business insolvencies in the September quarter surged to their highest level since 2015, according to the latest figures from the Australian Securities and Investments Commission, as fears for the construction, retail and hospitality sectors mount ahead of the critical holiday trading period.

Woolworths target Petstock — the nation’s second-largest speciality pet retailer — is proposing to sell 11 of its shops in WA and dozens of other hospitals and stores to satisfy concerns about market dominance.

Brookfield and EIG’s $18.7bn deal for Origin Energy is fair but should Australia’s largest retailer meet its earnings guidance for the rest of the year, shareholders will be asked to sell at slightly below market value, an independent expert has concluded.

Customers at some grocery stores in Melbourne are being limited in how much milk they are able to purchase amid concerns of a milk shortage.

Some shoppers were limited to buying two bottles of milk on Wednesday.

It comes as 1400 workers from four major dairy retailers joined 150 dairy transport workers in walking off the job in the fight for better pay.

Retailers called for consumers to stay calm and not to panic buy.

Some retailers said they are concerned the milk shortage could see a return to COVID-era panic buying.