InDaily InDaily

Support independent Journalism Donate Subscribe
Support independent journalism


Myer tightens belt to reach profit target


Department store group Myer has tightened its full-year profit guidance after reporting a 4 per cent decline in its first-half profit.

Comments Print article

The struggling retailer said net profit for the 26 weeks ending January 23 fell to $59.7 million, with price markdowns helping to offset the impact of a lower Australian dollar.

Sales rose 1.8 per cent during the period to $1.79 billion, with comparable store sales up 3.3 per cent.

Myer, which launched a five-year turnaround plan in September, now expects full-year profit of between $66 million and $72 million, compared to its previous forecast of $64-$72 million.

The company will pay an interim dividend of two cents per share.


Make a comment View comment guidelines

Help our journalists uncover the facts

In times like these InDaily provides valuable, local independent journalism in South Australia. As a news organisation it offers an alternative to The Advertiser, a different voice and a closer look at what is happening in our city and state for free. Any contribution to help fund our work is appreciated. Please click below to donate to InDaily.

Donate here
Powered by PressPatron


Show comments Hide comments
Will my comment be published? Read the guidelines.

More Business stories

Loading next article