Citi expects Australian fashion retailer Universal Store Holdings (ASX:UNI) could report declining like-for-like sales in its HY trading update.

Increased cost-of-doing business expenses likely to put pressure on margins in FY24.

Brokerage cuts FY23 NPAT estimates by 3% and FY24 NPAT by 10% for UNI.

Raises PT to A$3.43 from A$3.34, maintains ‘neutral’ rating.

Seven of nine analysts rate the stock ‘buy’ and two ‘hold’; their median PT is A$4.20.

UNI stock down 30.9% YTD.