SYDNEY May 22 Myer Holdings Ltd,
Australia's largest department store chain, posted a small rise
in third-quarter sales on Wednesday and said it remained
cautious about the outlook for retail trading.
Myer, which has consistently traded below its 2009 initial
public offer price, said sales in the third quarter rose 0.5
percent to A$652.5 million ($637.7 million).
On a comparable store basis, sales rose 0.4 percent, the
Australian retail sales have shown signs of life in recent
months after a series of interest rate cuts, but the entire
sector has been challenged by a shift towards online shopping.
Myer remained cautious about the outlook for retail trading,
chief executive Bernie Brookes said in a statement, in line with
the commentary given at the half-year earnings in March.
The retailer did not provide any guidance for full-year
Myer and its closest rival David Jones Ltd are also
facing increasing competition from global rivals such as Zara
, Topshop and Gap Inc, which are expanding on in
($1 = 1.0233 Australian dollars)
(Reporting By Maggie Lu Yueyang; Editing by Lincoln Feast)