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Myer Holdings and David Jones, Australia's top two department store chains, reported gains in first quarter sales on Thursday and expressed optimism over the outlook for consumer
spending.
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The two rivals had contrasting fortunes, however, with David Jones' shares tumbling 2.8 percent to A$5.27 after its 2.2 percent sales rise came in below forecasts, while Myer rose 1 percent to A$3.88 after a 5.2 percent gain in sales.
Australian retail sales unexpectedly fell in September and sales for the quarter as a whole also dipped, government figures released Wednesday showed, reflecting the fading effects of government stimulus handouts that had kept sales relatively buoyant during the global downturn.
Retail sales account for around 23 percent of Australia's A$1.1 trillion ($1 billion) economy and the sector is the biggest employer with about 15 percent of all jobs.
Myer, the largest department store chain, said consumer sentiment was stronger than this time last year, adding that it was on track to meet its full-year forecasts for 3 percent growth in sales revenue and proforma earnings before interest and taxes (EBIT) growth of 10.7 percent.
Sales growth was driven by cosmetics and apparel, with sales of homewares showing marked improvement.
It listed on the stock exchange earlier this week but is still trading below its share issue price of A$4.10.
David Jones described consumer confidence as "recovering", but added that it is too early to provide an update to guidance until it has traded through the second quarter. It has previously forecast up to 5 percent growth in net profit for fiscal 2010.
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