Myer’s revival gaining traction

 In Australia, Myer, NewZealand
It’s a measure of how moribund Myer’s growth has been for the past 10 years that a third-quarter result showing a 3.4 per cent improvement in comparable-store sales has caused ripples of excitement.
It now seems only Malcolm Turnbull’s calling of an election on July 2 could derail Myer’s 2016 full-year sales and earnings forecast. The extent to which consumers will put off spending during the election campaign is impossible to predict.
Even after promising to spend $600 million to engineer a multi-year turnaround, there have always been risks that a revival of the department store icon would be a bridge too far.
But since a sweeping overhaul of management and the adoption of a new strategy by new chief executive Richard Umbers, Myer has clawed its way back to positive sales. And momentum has continued since the first-half result. Sydney Morning Herald – Read more…

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