What happened to the Myer share price?
Australian retailer Myer Holdings Ltd [ASX:MYR] ended the day 5.47% higher.
The jump extends Myer’s share price rally, which is now standing at 30% since mid-December.
Why did this happen to MYR shares?
This morning the ABS reported that Australian retail sales rose just 0.2% in December, less than the 0.4% rise that had been expected.
However, spending rose by 1.5% when looking at the whole December quarter. This was the best quarterly result in almost two years.
The largest contributor to the rise was clothing, footwear and personal accessory retailing, rising 2.7% (seasonally adjusted). While food retailing was the only other industry to rise in December, up 0.3%.
What now for Myer Holdings Ltd?
Myer will be hoping last quarter’s strong spending on clothing, footwear and personal accessories will carry through to its bottom line. But you’ll have to wait until March 20, when the retailer reports half yearly results, to find out.
Other retailers having a good day include JB Hi-Fi [ASX:JBH] (up 1.73%), Harvey Norman [ASX:HSN] (up 1.51%).
for The Daily Reckoning Australia