Myer half-year result reflects growing optimism
A rising tide of consumer confidence, swelled by strong jobs growth and low interest rates, looks to be dragging the retail sector out of its malaise as Myer posted a better than expected half-year profit.
Myer chief executive Bernie Brookes said the retail environment, although fragile, was showing signs of improvement.
The country’s biggest department store is on track to ring up four consecutive quarters of comparable store sales growth for the first time since 2009 when its private equity owners were preparing for a float. ”There are some good signs,” Mr Brookes said as he unveiled an interim profit of $87.9 million, up 0.7 per cent, on a 1.7 per cent lift in sales to $1.73 billion. Sydney Morning Herald – Read more…