A 0.6% jump in May’s trade figures has seen Australian retailers accross all sectors enjoy gains in share value, including Harvey Norman, JB Hi-Fi, Premier Investments and Super Retail Group.
A jump in retail sales figures for the month of May has led to a rise in Australia’s stressed out retail stocks following the Australian Bureau of Statistics latest retail trade figures announcement on Tuesday, making some of them the top performing companies of the ASX’s best day of the year so far.
Australian retail turnover rose 0.6% in May 2017, in seasonally adjusted, beating the market’s expectations of 0.2%. This follows a rise of 1.0 per cent in April 2017. Online retail turnover contributed 3.9% to total retail turnover in original terms.
Following the announcement, Harvey Norman’s share value rose 5% to close at $3.99, JB Hi-Fi finished the day up 5.29% closing at $24.48, Premier Investments saw a 2.94% increase closing at $12.95, and, Super Retail Group shares were up 4.07% to $8.44.
Household goods retailing saw the highest increase in sales at 2.2%, while there were also rises in clothing, footwear and personal accessory retailing (1.3%), cafes, restaurants and takeaway food services (0.6%), other retailing (0.6%), and food retailing (0.1%). There was, however, a decline in department store sales of -0.7% which offset the other rises.
The rise in household goods was across all subgroups, including electrical and electronic goods retailing (2.%), furniture, floor coverings, homewares and textile goods retailing (2.0%), and hardware, building and garden supplies retailing (1.5%).
In seasonally adjusted terms there were rises in New South Wales (1.3%), Victoria (1.%), South Australia (0.8%), Western Australia (0.3%), Tasmania (1.2%) and the Australian Capital Territory (1%). There were falls in Queensland (-1.1%) and the Northern Territory (-0.5%) in May 2017.
The trend estimate for Australian retail turnover rose 0.3% in May 2017 following a 0.3% rise in April 2017. Compared to May 2016 the trend estimate rose 3.2 per cent.