retail

As the retail sector faced a downgrade during the holiday season, new Centro Retail Australia (CRF) Chief Executive Steven Sewell that its supermarket tenants can help in facing the trading conditions that the retail sector is suffering from. According to Sewell, Centro's majority centres having supermarkets as tenants will be enough to provide foundation for its future.

Christmas wouldn't be so merry after all for retailers, according to Woolworths (WOW) yesterday during their annual general meeting as Woolies Chief Grant O'Brien describes the condition of the industry as the worst he has ever seen.

Wesfarmers (ASX:WES) posted a 23 percent increase in net profit to $1.92 billion, but its retail earnings continue to trail due to consumer caution.

Annual total revenue rose 6 percent to $54.9 billion and retail businesses booked a 8.2 percent increase in pre-tax earnings for the year. The Coles chain jumped 21 percent in earnings due to a 6.9 percent increase in sales to $32.1 billion.

Major retailers – Harvey Norman (ASX:HVN) , David Jones (ASX:DJS) , Woolworths (ASX:WOW) , Coles – want to have their own operating hours except during holidays.

Retail heavyweight, Westfield (ASX:WDC) opened its first online shopping centre to buyers and sellers in Australia and around the world. The site had a soft launch earlier this year. Shoppers can now browse the online portal for brand names like fashion products and tax-free cosmetics, and have a choice to drop by their nearest Westfield store or just buy and pay online.

Australia's largest department store chain, Myer (ASX:MYR) has released a statement stating that annual profit for the company may rise as much as 10 percent from store refurbishments and new outlets. The company estimates that earnings before items will rise between 5 percent and 10 percent in the 12 months ending June 2011 from the fiscal 2010 profit of A$169 million ($158 million).

Australian conglomerate Wesfarmers (ASX:WES) has increased sales for grocery chain Coles. Wesfarmers chief executive, Richard Goyder, has said market share looks stable. Fourth quarter sales figures has revealed that sales have risen from last years figures by 4.2 percent compared to 1.8 percent with competitor, Woolworths (ASX:WOW) at a 3.4 percent gain.

Woolworths (ASX:WOW), owner of retailers such as the Woolworths grocery chain, Safeway, Big W, Dick Smith, Petrol stations, Liquorland, Powerhouse and Tandy, have seen a slowing retail sales trend. Fourth quarter Australian food and liquor sales rose 3.8 percent to $7.78 billion compared to the previous year.