Margins to be key focus in FY25 for Aussie discretionary firms - Goldman Sachs
** Goldman Sachs says margins will be a key focus in FY25 for Australian discretionary firms given higher promotions, labour and rental costs
** Brokerage sees low-to-high single digit sales growth in FY25 for discretionary firms
** Says recent data has suggested retail sales improved on a seasonally adjusted basis for April-June qtr
** Brokerage selects Super Retail SUL.AX as its top pick for 2H24 earnings given leading sales and earnings outlook; reiterates 'buy' rating
** Brokerage sees JB HI-FI's JBH.AX valuation as expensive; reiterates 'sell' rating
** Shares of SUL and JBH fall 2.8% and 3.9%, respectively, amidst a 3.2% fall in the benchmark index .AXJO
** "Market competition is intensifying against a still fragile consumer backdrop" - brokerage
** SUL unchanged this year as of last close, while JBH up 28.5%
Reporting by John Biju in Bengaluru
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