Finance Finance News Myer sales up slightly

Myer sales up slightly

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DEPARTMENT store group Myer has reported a slight increase in sales and says consumers are spending more since the September federal election.

Myer’s $691 million in total sales for the 13 weeks to October 26 is up 0.44 per cent on the same period last year.

Chief executive Bernie Brookes says it’s a pleasing result given three of the company’s top stores were under refurbishment during the quarter.

Myer has endured a difficult couple of years with a slowdown in consumer spending growth hurting sales and earnings.

But, Mr Brookes said, trading conditions had improved somewhat since the federal election.

“Whilst trading prior to the federal election was subdued, the trend improved modestly during the quarter and has been less volatile than in the months prior to the election, but continues to be patchy,” he said on Tuesday.

He said the October quarter sales result gave the retailer confidence heading into the key Christmas trading period.

“We are pleased with this sales result which is in line with our expectations and gives us early encouragement that we are well-positioned to make the most of our busiest time of year during the Christmas and stocktake trading period,” he said.