SHARES in the major retailers continued their downward spiral yesterday with Myer recording its lowest price since listing in October 2009.
Subscribe now for unlimited access.
or signup to continue reading
A spate of shock earning downgrades and news of subdued post-Christmas sales dampened investor sentiment, with Myer shares shedding 1.8 per cent to close at a historic low of $1.955.
Its department store rival David Jones also had a disappointing day, closing 5¢ down at $2.38 - the lowest since March 2009.
Harvey Norman shares fell 4¢ to $1.81, electronics retailer JB Hi-Fi lost 29¢ to $11.35 and surfwear retailer Billabong dipped half a cent to $1.795.
Outdoor adventure wear retailer Kathmandu had a slightly more positive day, gaining 1¢ to $1.33.
Last week, Billabong, Kathmandu and JB Hi-Fi all issued earnings or sales downgrades for the first half of this financial year.
