Forex trading store

Myer shares jump amid weak stockmarket

MYER shares defied a weak market today to a~ nearly 4 per cent after it upgraded guidance for underlying proceeds despite soft sales.

Department store chain Myer now expects earnings previous to interest and tax for 2010-11 to be between $265 the multitude and $272m, whereas it had previously forecast $261m.

Chief executive Bernie Brookes related: “This performance is testament to the resilience of our occupation model and the passion and teamwork of our team members in the external part of very tough trading conditions.”

Myer reported that full-year sales rose 0.7 for cent to $3.28 billion, which just short of its forecast target range of 1-2 per cent.

Fourth-quarter sales at Myer were along the course of 1.4 per cent to $815.8m, compared to the answering. period last year.

“The trading environment in the fourth fourth part continued to be very challenging, characterised by fragile consumer confidence put ~ the back of successive interest rate increases and global economic doubtfulness.”

In late afternoon trading, shares in Myer had risen by 3.74 per cent, adding 13 cents to $3.61 about having hit a high of $3.67. The benchmark S&P/ASX 200 was into disgrace more than 1 per cent at the time.