Myer misses

The Kouk’s perfect economy continues to underwhelm today with Myer’s quarterly trading update the latest disappointment:

Myer Holdings Limited (MYR) today reported third quarter total sales for the thirteen weeks to 27 April 2013 of $652.5 million, up 0.5 percent compared to last year. On a comparable store sales basis, sales were up 0.4 percent compared to last year, representing the fourth consecutive quarter of positive comparable store sales growth.

According to the AFR, markets were expecting between 1% and 2.3%, versus the first quarter’s 1.7% same store growth.

Consumer confidence will be interesting today. Roy Morgan has been down sharply in the past few weeks, trend busting almost:

The cautious consumer is structural.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.