In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 0.8% to 7,741.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
Baby Bunting Group Ltd (ASX: BBN)
The Baby Bunting share price is down almost 22% to $1.49. Investors have been hitting the sell button today after the baby products retailer released a trading update. That update revealed that the cost of living crisis has been weighing on its performance. So much so, Baby Bunting expects FY 2024 pro forma net profit after tax to be in the range of just $2 million to $4 million. This will be down from FY 2023's net profit after tax of $14.5 million, which itself was down 51% on FY 2022's numbers.
JB Hi-Fi Ltd (ASX: JBH)
The JB Hi-Fi share price is down almost 4% to $57.75. This has been driven by the release of a trading update from the retailer. JB Hi-Fi's sales were down across its Australia and The Good Guys businesses during the third quarter. The company advised that it is currently experiencing a "challenging and competitive retail market."
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price is down 11% to $11.26. This is despite the online furniture retailer revealing strong sales growth so far during the second half. The company's sales were up 30% through to 5 May compared to the same period last year. Management has also reiterated its full year EBITDA margin guidance range of 1% to 3%. CEO Mark Coulter said: "We reiterate our EBITDA guidance of 1-3%, targeting the mid-point of the range as we continue to invest in growing our market share and delivering on our key growth pillars. We look forward to updating the market further at the full year result in August."
Westpac Banking Corp (ASX: WBC)
The Westpac share price is down over 5% to $26.42. There are a couple of reasons for this decline. One is weakness in the banking sector following the release of an update from a big four rival. The other is Westpac's shares going ex-dividend this morning for its interim and special dividends. Earlier this week, the bank released its half year results and declared a fully franked interim dividend of 75 cents per share (up 7.1%) and a special fully franked 15 cents per share dividend. These dividends will be paid to eligible shareholders on 25 June.
