Myer has issued a trading update ahead of the release of its FY24 results, which indicates a 2.9% fall in total sales and a 30% decline in profit year-on-year.
The department store attributes these results to a challenging trading environment and the impact of store closures – namely Brisbane City (QLD) and Frankston (VIC) – coupled with the underperformance of Myer specialty brands sass & bide, Marcs and David Lawrence.
Group online sales increased 2% on the prior year to $704 million, representing 21.6% of total sales.
Myer executive chair, Olivia Wirth said, “The second half sales performance demonstrates resilience in the face of a difficult trading environment for Myer and the wider retail sector.
“In the current trading conditions, we are acutely focused on optimising operational performance including tightly managing costs, inventory and margins and fully leveraging our MYER one loyalty program.
“We are also positioning the business for growth and are well progressed in a comprehensive strategic review of the business. We look forward to discussing the strategic review at an investor presentation in October.”