same thing happening, page-11

According to this article in the business section of the 'Australian' on Friday, we need to be careful in regards to retail stocks. Whether it is totally applicable to CNP is up to each individual investor to decide.

'Retail industry faces a rout as stimulus dries up

'IF Gerry Harvey didn't provide enough warning earlier this week, then Wesfarmers yesterday underlined the fact that retail stocks are set to be in the doldrums for the foreseeable future because consumer spending has slowed markedly.
The third-quarter numbers sales numbers released by Wesfarmers yesterday will prompt profit downgrades today, because they came in a touch under expectations, and finance boss Terry Bowen made it clear that profit margins in general merchandisers Kmart and Target will be down in the second half of the year.

Bunnings posted relatively strong growth, but at 3.9 per cent its comparable store sales were the lowest in recent memory.

Guy `Superman' Russo was again the star performer with 4 per cent comp store growth, and it seems obvious he is taking share from his comrade Launa Inman at Target, even if Bowen was at pains to say customers were trading down within -- not across -- brands

That is, instead of paying $40 for a shirt at Target, they were paying $20.

Russo surprised observers at the half-year results by producing better profit margins and returns on falling sales, which is explained simply as a commentary on the state of the business before the former McDonald's boss took the reins.

Coles at 3.8 per cent comparable store growth was also ahead of the market, which means it, too, is taking market share -- but probably from specialty bakers, butchers, greengrocers and Metcash, rather than arch-rivals Woolies and Aldi.

The bottom line is simply that sales have fallen sharply, and even eternal bull Michael Luscombe has recently been talking the market down .

Retail stocks won't be market darlings any time soon, with JB Hi-Fi telling analysts March sales were flat on year-ago figures.

No more stimulus, more interest rate hikes and higher petrol translate into a tough time in the retail world."