New boss for The Reject Shop; Business confidence bounces back after federal budget: Midday Roundup

Discount retailer The Reject Shop has appointed retail veteran Ross Sudano as its new chief executive, filling the role left vacant by Chris Bryce in June, Business Spectatorreports.

Sudano was previously chief executive of Little World Beverages, the owner of the Little Creatures beer brand. He has also held senior roles at Anaconda Adventure Stores, Foodland, Coles and BP Australia.

Bryce announced his decision to leave the retailer in March, stepping back from operations at the end of May. The managing director role had been filled by Denis Westhorpe in the interim.

“Ross is a proven leader with an impressive track record for achieving strong revenue and profit growth in the retail sector and a reputation for bringing deep insights into the needs and demands of consumers,” The Reject Shop chairman Bill Stevens says.

Sudano’s appointment comes at a tough time for The Reject Shop, with the retailer recently cutting its 2013-14 guidance from between $17 – 18 million to $14.5 – 15.5 million.

Business confidence bounces back after federal budget

Business confidence returned to pre-budget levels in June, according to the latest Monthly Business Survey from National Australia Banks.

Confidence levels increased by three points (to +2 points) in June, the highest levels recorded since January.

However, NAB says business conditions remain below the long-run average and confidence levels between sectors are patchy. The service industry remains the top performer, followed by construction, while wholesale and manufacturing recorded the weakest confidence levels.

Confidence levels generally improved across all states and territories, with NSW the only state to report no change between May and June. Queensland was the only state to record negative business conditions.

NAB said inflation pressure remains “muted” and it expects interest rates to stay at current levels until late 2015.

Shares down on open

Aussie shares have opened slightly lower this morning, despite large falls in European stocks since the closure of the US market for the July 4 holiday late last week.

The S&P/ASX200 benchmark was 3.4 points lower, down 0.1% to 5515.5 points at 11.56am AEST. On Monday, the Dow Jones closed 44.05 points lower, down 0.26% to 17024.2 points.