First Year of ‘New Myer’ Drives Profit Result

 In Australia, Myer, NewZealand
​Myer has more than doubled profits in the first year of its New Myer transformation strategy, underpinned by strong sales through its concession outlets and its flagship city stores, but it’s still playing catch-up with traditional rival David Jones.
Total sales grew 2.9 per cent in the full year to July 30, or 3 per cent on a comparable stores basis, despite increasing just 0.7 per cent in the fourth quarter, or 1.8 per cent on a like-for-like measure, reflecting what Myer referred to as a "more challenging environment".
The full-year total sales result falls just short of Myer’s sales growth target of more than 3 per cent for 2016-20. Sales per square metre increased 5.6 per cent, a long way short of its target of a 20 per cent improvement in this measure by 2020. Sydney Morning Herald – Read more…

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