Christmas comes early for retail stocks but risks remain
The Australian sharemarket may be struggling to mount a festive season rally, but retail stocks are enjoying an early Christmas of their own.
The spotlight has been on retailers following Myer Holdings’ surprise 4 per cent rise in comparable sales for the three months to October 24. It followed rival David Jones’ 10.4 per cent jump, its best sales growth in 15 years.
Myer’s share price has risen 12 per cent in a fortnight. Shares in fellow retailers are also up. Premier Investments Group, which owns among others the Smiggle and Just Jeans brands, is up 6 per cent, as is Harvey Norman, against a broader market which in the same period is just 1.3 per cent higher. Sydney Morning Herald – Read more…
The spotlight has been on retailers following Myer Holdings’ surprise 4 per cent rise in comparable sales for the three months to October 24. It followed rival David Jones’ 10.4 per cent jump, its best sales growth in 15 years.
Myer’s share price has risen 12 per cent in a fortnight. Shares in fellow retailers are also up. Premier Investments Group, which owns among others the Smiggle and Just Jeans brands, is up 6 per cent, as is Harvey Norman, against a broader market which in the same period is just 1.3 per cent higher. Sydney Morning Herald – Read more…
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