Myer reports 3.1 percent drop in Q3 comparable sales

Myer Holdings Limited recorded total sales of 635.3 million Australian dollars (475.2 million dollars), for the 13 weeks to April 28, 2018, down 2.7 percent and down 3.1 percent on a comparable store basis. Online sales of 35.9 million Australian dollars (26.8 million dollars), were up 49.4 percent. Total year to date sales of 2,355 million Australian dollars (1,761.8 million dollars), declined 3.4 percent and were down 3 percent on a comparable store basis. Online year to date sales of 141.1 million Australian dollars (105.5 million dollars), rose 49 percent.

Commenting on the third quarter update, Myer Executive Chairman Garry Hounsell said in a statement: “In February, we announced a renewed focus on product, price and customer service, which delivered encouraging results during March. However, as reported by a number of other retailers, the unseasonably warm start to winter has impacted sales, particularly in winter apparel, shoes and accessories, which may impact profit in the fourth quarter.”

“I am delighted to confirm that our recently appointed CEO and Managing Director, John King, will be starting on June 4, 2018, following the approval of his visa. John has been given a full mandate by the board to deliver an improvement in the company’s financial performance,” added Hounsell.

The company also said that with effect from FY2019, it will no longer provide quarterly sales updates.

Picture:Facebook/Myer