First-quarter same-store sales fell 0.9 per cent, but the trend in the last seven weeks improved as the retailer heads into its key trading period.
Myer’s outgoing chief executive John King predicted Black Friday trading to beat Christmas this year, after reporting improved turnover in the past seven weeks.
Retailers are desperate for new Reserve Bank governor Michele Bullock to quit tightening after the RBA lifted the cash rate to 4.35 per cent on Tuesday.A new survey by the Australian Retailers Association and Roy Morgan found 30 per cent of shoppers will cut their Christmas gifting budgets this year, and 61 per cent will look to spend the same. Just 9 per cent intend to spend more.
Outgoing Myer chairwoman JoAnne Stephenson, who was succeeded by Ari Mervis after the AGM, said the board was well-advanced in the search for Mr King’s replacement, with “interesting candidates both locally and internationally”.New non-executive directors Olivia Wirth and Gary Weiss both had the backing of the board, but there was a modest protest vote against Dr Weiss with 18.51 per cent of proxies cast against his election.
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