Post-Christmas boom for Aussie retailers
Retailers have announced better than expected post-Christmas sales figures that may have offset the slow spending lead up to the Christmas holidays.
The big retailers, such as Myer, David Jones and Big W have all forecasted growth figures, with David Jones Ltd forecasting its profit will rise between zero and 5%, while Myer expects to see a 3% increase in sales for the fiscal year and a profit rise of 10%.
Richard Uechtritz, chief executive of electronics retailer JB Hi-Fi Ltd told Reuters that the post-Christmas selling period somewhat made up for a slower-than-expected pre-Christmas.
“Certainly post-Christmas made December a good month and January year-to-date has been very good. It is well up on last year,” Uechtritz said.
The rebound bodes well for Australias
economy, of which nearly a quarter is generated by retail sales, and could improve the flotation prospects of at least three retailers owned by private equity after retail shares underperformed the market in December on sales concerns.