Myer’s half-year sales slide as stocktake sale disappoints

Myer chief executive Richard Umbers has blamed everything from the Australian dollar to patchy consumer confidence, aggressive competition and a soft stocktake sale for a slide in the department store’s first-half sales.

The department store chain’s sales slumped by 0.6 per cent to $1.78 billion in the 26 weeks to January 28, and second-quarter sales – which captured the important post-Christmas clearance sale – fell by 1.3 per cent in total, or 0.5 per cent on a comparable store basis. The result defied expectations that shoppers had returned to the stores for the January sales. Sydney Morning Herald – Read more…