Recession-like sentiment paints bleak outlook for Aussie retailers - Morningstar

Myer Holdings

22/12/2023 02:13

** Analysts at Morningstar say recession-like sentiment
among Australian consumers and rising wage bills paint a very
dismal outlook for local retailers
    ** Brokerage anticipates cost pressures to be exaggerated by
softening demand for discretionary retailers 
    ** Sees like-for like sales declining for fashion and
leisure goods retailers like Myer  MYR.AX , Accent Group
 AX1.AX , Premier Investments  PMV.AX  and Super Retail  SUL.AX 
    **  Interest-rate uncertainty is a factor, and likely to
weigh on willingness to spend, particularly on big-ticket items
- Brokerage
    ** MYR shares currently down 2% whereas AX1 is down 0.1%

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))