Myer chief executive Bernie Brookes has said that the retail sector will recover and the worst is over.
Consumer confidence continues to rise, and as a result spending has resumed. Brookes said there are some “good signs that things are starting to pick up”, and has raised the retailers profit outlook.
The economy is starting to show signs of improvement, with customers who were delaying buying items such as furniture and electronics beginning to spend again.
“We’re seeing, particularly in cosmetics and women’s wear, a move back to the sort of spending levels that they used to be.
“My view is that it will take 18 months, but I think we’ve gone through the worst of it now and it’s upward on a month-by-month basis over the next 18.”
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