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By
Reuters
Published
Nov 12, 2010
Reading time
2 minutes
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Australia's Myer Q1 sales down, consumers fragile

By
Reuters
Published
Nov 12, 2010

MELBOURNE, Nov 12 (Reuters) - Myer Holdings (MYR.AX), Australia's largest department store, posted a 1.7 percent decline in same-store sales in the first quarter, hurt by weaker TV and entertainment sales, and warned consumer sentiment remains fragile.

Myer
Myer.com.au

But the retailer affirmed its guidance for 5-10 percent profit growth for fiscal 2011, helped by new store openings.

Myer said its total first-quarter sales fell 1.5 percent to A$706 million ($705 million), as deflation in flat-screen TV prices hurt sales totals.

Myer faced a tough comparison with the first quarter of last year, when government cash stimulus payments -- measures aimed at offsetting the impacts of the global financial crisis -- were still flowing through the economy.

Australian retailers have had a tough year as the stimulus effects fade and rising official interest rates dampen discretionary spending.

Myer's shares lost 0.8 percent to A$3.85 after the release, compared with a flat broader market .AXJO.

"The recent interest rate rise and current consumer caution will again make trading conditions challenging on a comparative basis, however from November onwards we expect to see the benefits from a number of recent initiatives including contributions from our new stores," Chief Executive Bernie Brookes said in a statement.

Myer has 65 stores and is due to open two more this fiscal year.

Myer's private-equity owners sold the chain last November via an initial public offering at A$4.10 a share. The shares have never traded above that price and Brookes was expected to face some disgruntled shareholders at Friday's annual meeting.

(Reporting by Victoria Thieberger; editing by Balazs Koranyi)

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