Motorists could be in for some good news this long weekend with petrol prices stabilising and major supermarkets about to embark on a petrol price war, an economist says.
Premier Investments, the owner of retail brands such as Just Jeans and Portmans, has suffered a 2.4 per cent fall in first half profit due to the tough retail environment.
Investors have baulked at David Jones' ambitious plans to revamp its customer service and boost online sales after digesting news that full year profits could slump by as much as 40 per cent.
The corporate regulator's boss says David Jones' decision to go into a trading halt was justified if the alternative was an uninformed market trading in its shares.
Myer boss Bernie Brookes has tried to paint a rosy picture for the struggling department store chain's future despite forecasting flagging sales and earnings.
Consumer goods retailer Harvey Norman is drastically scaling back plans to conduct five per cent of its trade online, only months after launching a brand new website.
Woolworths says its net profit has fallen more than 16 per cent, due to the restructure of its Dick Smith chain, and it expects trading conditions to remain subdued for the rest of the year.
The Australian dollar pushed to its highest level in almost three weeks, rising above 108 US cents, following data showing the retail sector having recovered from its pre-Christmas blues.
Shares in consumer goods retailer Harvey Norman fell more than six per cent after the company reported worse than expected sales in an uncertain retail environment.
Internet-based shopping is growing at ten times the pace of the struggling traditional retail sector, with annual sales surpassing $10 billion for the first time.
Motorists can kiss goodbye to cheap petrol from tomorrow, with prices set to hit $1.55 as world oil prices surge due to supply concerns in the Middle East.
Woolworths aims to chalk up $1 billion in online sales within two years as it works to ensure all of its businesses are trading on the web by the end of 2015.
Loyal David Jones customers are spending more than they did before the financial crisis, but the department store chain is reluctant to call the bottom of the market just yet.
Western Australia's peak union body has lashed out at Premier Colin Barnett over comments he made that Sunday retail workers should not be paid such high hourly rates.
Beverages supplier Coca-Cola Amatil says markets in Indonesia and Papua New Guinea are its strongest performers, and boosting investments there will be a high priority in 2012.
Australia's two most powerful supermarket players, Woolworths and Coles, have increased their dominance on a global scale after being named among the top 21 retailers in the world.
Wesfarmers has bucked the job shedding trend with plans to employ more people this year at Coles and its other retail chains, after underwhelming the market with a flat first half profit result.
Shopping centre giant Westfield is upbeat about the future of retail sales in Australia despite overriding consumer caution and economic uncertainty abroad.
