2 weeks Ago By Cheyanne Enciso
Myer has posted a near-30 per cent slump in full-year net profit to $43.5 million in what executive chair Olivia Wirth said reflected a challenging macroeconomic environment for retailers. The department store on Friday revealed total sales for the year ended July were down 2.
9 per cent to $3.23 billion. Myer in early August flagged the slip in sales would be due to the closures of the Brisbane City and Frankston stores.
Ms Wirth on Friday said it was laser-focused on improving profitability, performance and shareholder returns. “Despite the tougher trading conditions, work undertaken by the Myer team in recent years has helped stabilise the business and established a foundation for future growth,” she said. “With a highly engaged customer base, a leading loyalty program, positive comparable department store sales growth and high levels of trust in the Myer brand, there are significant opportunities for growth.
” Cheyanne Enciso Cheyanne Enciso and Daniel Newell The department store declared a fully franked dividend of 0.5¢, bringing the full-year total to 3.5¢ per share.
It comes as the Myer board explores a tie-up with Solomon Lew’s Premier Investments that would see the department store buy Premier’s apparel brands business, which owns labels Just Jeans, Jay Jays, Portmans, Jacqui E and Dotti. The proposed deal would see Myer take control of Premier’s apparel brands that generated over $843m in the 2023 financial year across 717 stores. More to come.
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