Myer sales crash

Via the AFR with the scoop:

The three months to October 31 is the first quarter for which listed Myer has not provided the market with its sales figures. And little wonder. Here are Your Store’s actual live numbers: 1Q19 group sales are down 5.5 per cent year-on-year, and down 8.9 per cent against Q1 of fiscal 2017. Remarkably, online sales are up 41 per cent against the same period two years ago, yet down 5.2 per cent versus last year. The last High Street shingle to report negative online sales growth was the apothecary in Dr Quinn, Medicine Woman.

That ought to be enough to get the retailers to rejoin the banking and housing sector stock crash today:

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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.