Myer reports increased sales: Midday roundup

Myer’s first-quarter sales have risen by 1% thanks to warmer weather and slightly improving customer sentiment.

The retail giant reported better-than-expected sales of $688 million in the 13 weeks to October 27 in the first report of an annual increase in quarterly sales since 2009.

Chief executive Bernie Brookes said the retail environment during the first quarter continued to be difficult.

“While we welcomed the October interest rate cut, there are a myriad of factors currently in the mix and influencing discretionary spend, so we continue to be cautious about the trading environment,” he said.

New car sales fall

Sales of new motor vehicles in Australia fell in the month of October, mostly in line with expectations, according to data from the Australian Bureau of Statistics.

According to the ABS, 95,720 new cars were sold in Australia in the month, a seasonally adjusted drop of 2.8%.

The result follows an upwardly revised sales figure of 98,436 in September.

Stock market opens lower

The Australian stock market opened lower this morning following weak leads from Wall Street and Europe as protests continue across the euro zone against austerity programs.

At the official market open the benchmark S&P/ASX200 index dropped 0.83% to 4351.9 points, while the broader All Ordinaries index fell 0.84% to 4373.6 points.