It’s been another rough session for listed retailers on the ASX200.
A number of big-name stocks are lower in midday trade, after August retail sales recorded a huge miss on expectations.
A short time ago, department store Myer was down almost 2.3%, while Harvey Norman had lost more than 1.5%.
Today’s falls add to the recent declines for both companies, with Myer’s stock price having almost halved in 2017 while Harvey Norman has lost more than 20% this year.
Here’s the 12-month chart for Myer stock, via investing.com:
A short time ago, JB Hi-Fi was down almost 2% while billionaire Solomon Lew’s Premier Investments fell by as much as 0.7%.
Super Retail Group was down by more than 1.7% and Domino’s Pizza was also more than than 1% lower.
Travel companies Flight Centre and Webjet also fell sharply, a short time ago down by 1.98% and 2.37% respectively.
On a sector basis, consumer discretionary was only down by 0.23%, but the broader sector includes other industries such as listed gambling companies.
Today’s retail sales result will do nothing to boost sentiment around Australian retail stocks, which are facing difficult domestic trading conditions while the threat of Amazon looms on the horizon.
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