Myer Has Just Made A MASSIVE Announcement And It's Not Good
Department store Myer has announced it will close more stores in what it explains may be a difficult year after profits tumbled 80 per cent due to write-downs on the value of some of its fashion brands.
Sales have fallen 0.2 per cent for the 12 months to end of the July, while total sales, which includes the impact of three store closures, have fallen 1.4 per cent.
Bottom line profits have gone from $60.6 million to $11.9 million, which has tumbled due to its investment in the local arm of Topshop, which went into administration in May, and its fashion brand sass & bide.
"The financial result isn't where we want it to be," chief executive Richard Umbers said after announcing the result.
"However, Myer has become a leaner, more productive and efficient retailer, better placed to compete in a rapidly changing environment."
Myer said it would close stores in Colonnades in Adelaide, Belconnen in Canberra, and Hornsby in northern Sydney.