The boss of department store chain Myer John King is tipping solid Christmas trade, defying predictions consumers could be battered by further steep interest rate increases as the Reserve Bank strives to tame inflation.Myer chief executive John King and chief financial officer Nigel Chadwick. The duo reported the company’s full year financial results on Thursday.
Mr King expects a solid Christmas trade, but expressed concern about the state of consumer confidence – especially if the Reserve Bank were to lift rates again on October 4. Despite the squeeze on households caused by higher mortgage rates and energy bills, shoppers have continued to spend. Myer’s buoyant 2022 fiscal year results mirror those of other retailers who released earnings in August.
Myer’s online revenue hit $722.8 million – up 34 per cent – and represents about 24 per cent of group sales.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.