Myer expects lower sales, net profit amid challenging trading conditions
Inside Retail
FEBRUARY 5, 2024
Department store chain Myer expects fiscal first-half sales and net profit to decline year over year amid a challenging trading environment. The company forecasts sales to fall 3 per cent to $1.83 billion, despite online sales increasing 2 per cent to $390.1 million. Online sales account for 21.3 per cent of the retailer’s overall sales. Myer, however, flagged a marginal increase of 0.1 per cent in comparable sales. “To match our best first-half sales result on record, on a comparabl
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