Citi analysts said that spending across home appliances was likely to moderate in the last few months of the year, but this would be offset by jumps in spending in other areas as shoppers gear up for Christmas.

“Spending across department stores has remained healthy despite higher costs of goods and rising interest rates. We believe that this trend will continue for the remainder of the year, with various
promotions in November and December,” Citi’s Josh Williamson said.

There were big swings in the share price of individual stocks on Friday as AGM season continued. Fintech EML payments surged by 22.6 per cent after the ousting of chairman Peter Martin at the company’s annual meeting. The stock has been on a rollercoaster over regulatory challenges in the business.

Plus-size clothing retailer City Chic was one fashion brand not benefitting from a Black Friday sales rush, with the stock down by 28.4 per cent to 99.5 cents after a trading update at its annual meeting warned of tightening margins.

Tweet of the day:

Quote of the day:

“For this year’s sales season, we are seeing a lot more advertising from retailers as a way to boost their sales and build up cash reserves in anticipation of further cost of living pressures next year.” – BDO’s national retail leader, Salim Biskri.

You may have missed: Shares in department store Myer have jumped this week as speculation continues that rival department store David Jones is a takeover target. The stock has gained more than 8 per cent and closed at 71.5 cents, up 43 per cent over the past year.

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