Myer boss stands by turnaround strategy

September 14, 2017

Myer has posted weak full-year results due to strong competition and soft consumer spending

Department store giant Myer has made an underlying net profit of $67.9 million, down 1.9 per cent on last year, and has lost ground in sales amid weak consumer spending.

The retailer's statutory net profit for the 52 weeks to July 29 of $11.94 million, was down 80.3 per cent on the previous 53-week year, hit by $13.9 million in costs and significant items of $42.1 million.

Total sales slid 2.67 per cent to $3.2 billion, reflecting the closure of three stores, the write-off in the value of its 20 per cent stake in Topshop's Australian franchisee and the impairment in the value of its struggling sass & bide brand.

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