Myer Suffers Slump After DJ’s Jilt
Myer’s Q3 sales fell almost one percent to $646.5 million during the 13 week period to 26 April, it announced today.
Like-for-like sales rose marginally, up 0.24 percent.
The disappointing results comes just weeks after Myer merger offer to David Jones was spurned in favour of a takeover deal with South African retailer, Woolworths.
The “marginal” slump was blamed on the “significant sales impact” of the refurbishment of three of Myer’s top stores.
“It was encouraging to achieve another quarter of comparable store sales growth which has now been achieved in seven of the last eight quarters,” he said.
“The marginal decline in total sales reflected the continued significant sales impact of the refurbishment of three of our top 20 stores and the commencement of a refurbishment at the Macquarie (NSW) store in February.”
Small Appliances Cosmetics, Fashion Accessories, and Toys were the strongest performers during the quarter. Top performing states were New South Wales and Victoria.
Myer said last month’s mid-season sale delivered strong sales growth.
There was also continued growth in online sales and over 9 million visits to myer.com during the quarter and SKUs increased to 119,000.
Shares slumped 3.69% to $2.09 after the results were announced