Australia’s biggest department stores David Jones Limited
(ASX:DJS) and Myer Holdings Limited
(ASX:MYR) will be hoping the latest retail spending forecast is on the mark.
The Australian Retailers Association and Roy Morgan Research have predicted post-Christmas sales are expected to climb beyond $15 billion.
The figure represents 3.8 per cent growth from last year and is expected to be supported by a 3.9 per cent rise in clothing sales.
Across Australia growth is expected to be lead by the Northern Territory and dragged down by Western Australia.
The report comes in the wake of Myer’s Boxing Day disaster when the retailer’s website crashed and remained down for about a week.
The website is now up and running and Myer has vowed to compensate internet shoppers with free postage and more online discounts.
David Jones reported a net profit of $95.2 million in the 2013 financial year.
