Sunday, 20 January 2019
Latest news
Main » Where Myer saw a 49% increase in sales

Where Myer saw a 49% increase in sales

16 May 2018

Analysts do not release quarterly sales forecasts for Myer.

The firm added that the weather could impact fourth-quarter profit and that it would no longer provide quarterly sales updates from fiscal year 2019.

"However, as reported by a number of other retailers, the unseasonably warm start to winter has impacted sales, particularly in winter apparel, shoes and accessories, which may impact profit in the fourth quarter".

Total sales for the quarter slipped 2.7% to $635.3 million, whilst like-for-like sales dived 3.1%.

For the year to date, the business announced total sales of $2.35 billion, down 3.4% on the previous year's total sales. Year to date online sales jumped 49% to $141.1 million.

In March, Mr Hounsell was scathing in his criticism of poor decisions and competition "failures" under ex-chief executive Richard Umbers' leadership after the department store slumped to a $476.2 million half-year loss.

Myer has also warned Q4 profitability may be hampered by the comparatively warm start to winter. It also ousted its CEO and replaced him with John King, a former head of Britain's House of Fraser Ltd, in an effort to speed up its recovery.

Myer Executive Chairman, Gary Hounsell, affirms King has received a "full mandate" from the Board to "deliver an improvement in financial performance".

Mr Hounsell said Mr King has been visiting stores and talking to staff and customers recently and understands the "significant task at hand in turning around the business".

Where Myer saw a 49% increase in sales