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Australia's Myer Q3 sales edge up, still cautious on outlook
May 21, 2013 / 11:08 PM / 5 years ago

Australia's Myer Q3 sales edge up, still cautious on outlook

SYDNEY, May 22 (Reuters) - 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 company said.

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 earnings.

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 Australia. ($1 = 1.0233 Australian dollars) (Reporting By Maggie Lu Yueyang; Editing by Lincoln Feast)

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