Australian retailers hit by worst sales decline in 4 years
Debt-laden consumers across all states are pulling back on spending
Fri, Oct 06, 2017 - 5:50 AM
Myer, the country's biggest department store operator, this month posted its lowest annual profit since listing; its sales are down 2.7 per cent for the year to July 29.
BLOOMBERG FILE PHOTO
AUSTRALIAN retailers suffered their worst decline in sales since early 2013 in August, as debt-laden consumers tightened their purse strings, cutting back sharply on food, furniture and clothing, an outcome that bodes poorly for third-quarter economic growth.