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Department giant Myer has reported a 37 per cent drop in first half profit, weighed down by restructuring cost, redundancies and the exit of Apple products and Country Road Group brands.
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The market remains almost certain the Reserve Bank will act to cushion the impact of the coronavirus by cutting the cash rate to a record low 0.5 per cent.
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Supermarket giant Coles is the latest major retailer to be caught up in an underpayment scandal, with the company expecting a $20 million hit after underpaying managers at its supermarkets and liquor division over the past six years.
Commonwealth Bank has beaten market expectations with a $4.48 billion first-half cash profit amid pressure from record low interest rates, bushfire impacts and rising costs.
Bushfires and Australia’s embrace of the November Black Friday sales has taken a worse-than-expected toll on December retail trade, with cafes and restaurants particularly affected in a 0.5 per cent monthly spending drop.
November’s Black Friday sales fuelled a better-than-expected retail turnover for the month, but economists are wary of how much the 0.9 per cent increase will take away from December trading.
