MARKETS SPECTATOR: Myer beware

Myer's sales have inched up but many analysts, although expecting a soft result, were disappointed with the numbers.

Sales up. Stock down. Australia’s largest department store company today said its revenue in the 13 weeks to April 27 rose 0.5 per cent to $652.5 million. Many analysts expected Myer’s sales to be “soft” for the period, but some say the number took them by surprise and indicates a slowdown in the economy and consumer spending. Rate cuts by the Reserve Bank have done little to kick start consumer spending.

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