Myer makeover driving sales higher, says CEO Richard Umbers

 In Australia, Myer, NewZealand
Myer chief executive Richard Umbers claims the department stores’ brand make-over and focus on customer service is already reaping rewards, driving average sales growth of 5.6 per cent in a dozen of the brand’s flagship NSW and Victorian stores.
The iconic chain lifted the bottom end of its full year profit guidance from $64 million to a range of $66 million to $72 million despite its 3.3 per cent comparable stores sales growth failing to keep pace with its better-than-expected 3.9 per cent first quarter result.
Margins are also under pressure as a result of the retailer’s renewed focus on big brands, with its operating gross profit margin slipping 187 basis points to 38.7 per cent. Sydney Morning Herald – Read more…

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