If you think about the two groups as the canaries in the coal mine of Australian retail, those two birds appear to be struggling to chirp.
Think about department store Myer and billionaire Solomon Lew’s apparel brands as the canaries in the coal mine of Australian retail. Now picture the little yellow bird struggling to chirp as nervous consumers remain conservative with their cash.
Neither the Australian Bureau of Statistics numbers nor the sales and profit forecasts from Myer and Premier pick up whether there has been a return to shopping in January, but notably, neither business made any such prediction. Premier’s apparel brands copped a similar hiding. Earnings before interest and tax for the first half to January 2025 are now expected to fall more than 30 per cent.The response from investors demonstrated that this was far worse than they had expected. Myer shares slumped more than 18 per cent while Premier, which has been the sharemarket darling of the retail space for years, suffered a stock plunge of more than 15 per cent.
In other words, few consumers are prepared to pay full retail price in the current environment. They will spend only on sale items and the discounts need to be meaningful.
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