Investors are beginning to worry about Coles Myer's March 2002 quarter sales figures, due out on 9 May. They fear the figures may be severely affected by the sharp deterioration in industry trading conditions and that the downturn will extend into the June quarter, putting at risk the Australian retailer's expected $A400m full-year net profit. As a result of these concerns, shares in Coles Myer fell by $A0.12 to $A7.54 on 2 May and are now down by 9.6% over the past two weeks. Investors first became aware of the retail industry's woes in mid-April, when Harvey Norman reported lower-than-expected sales figures on a like-for-like basis. Analysts said any deterioration in trading conditions at Coles Myer would be felt in the group's non-food businesses, such as Target, Kmart and Myer-Grace Bros.
CML Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
