Myer sales rise 2.4pc in third quarter to $661.8m

Myer Holdings is on track to deliver its second consecutive year of same-store sales growth after posting its strongest quarter in a year, but the gains will be more than offset by rising costs, leading to another fall in annual profits.

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Comparable store sales rose 1.7 per cent in the 13 weeks ended April 25, the strongest rate of growth since the December quarter a year ago, compared with growth of 1 per cent in the January quarter, the department store said in a statement to the Australian stock exchange.

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Investors cheered. At 12:37 pm AEST, Myer’s shares were up 7.5 per cent at $1.52, their highest level in two months.

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The trading update suggests that Myer enjoyed a surge in sales in April, as Myer had previously said that February and March sales were below expectations, prompting the company to cut its full year profit guidance by more than 15 per cent.  Sydney Morning Herald – Read more…