It's a good day for many S&P/ASX 300 Index (ASX: XKO) retail shares, with some market favourites launching as high as 50%.
Their gains follow news Australian retail turnover reached another record high in June, lifting 0.2% – a sixth consecutive monthly increase. Though, it's also the smallest increase of this year so far.
The Australian Bureau of Statistic's Ben Dorber notes cost-of-living pressures – driven by rising inflation, which hit 6.1% last quarter – seem to be slowing spending growth. He said:
Given the increases in prices we've seen in the Consumer Price Index, it will also be important to look at changes in the volumes of retail goods in next week's release of quarterly data.
But that doesn't appear to have dampened sentiment for ASX 300 retail shares on Thursday.
These three favourites have rocketed higher. Let's take a closer look at their outstanding performances.
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These ASX All Ords retail shares are surging higher
Kogan.com Ltd (ASX: KGN)
The Kogan share price is skyrocketing 54.31% on Thursday to trade at $4.84.
That's despite a business update from the online retailer detailing falling profits.
However, it also recorded a return to positive earnings before interest, tax, depreciation, and amortisation (EBITDA) after ending in the red in the March quarter.
Temple & Webster Group Ltd (ASX: TPW)
Fellow ASX 300 retailer Temple & Webster is also in the green today. Its shares are currently up 16.13% to $4.65 despite the company's silence.
Today's gain sees the Temple & Webster share price 30% higher than it was at Tuesday's close. Though, it's still 45% below what it was at the start of 2022.
Redbubble Ltd (ASX: RBL)
The final ASX 300 retail share posting a whopper of a gain is Redbubble. The online marketplace's stock has rocketed to $1.145 – a 21.16% gain.
Once more, there's been no news from the company. Today's gain sees it trading at a near-three-month high.
