Myer reveals Q1 sales decline of 4.8 percent

Troubled retailer Myer has said in a statement that its total first quarter sales value was 4.8 percent below the previous corresponding period, while sales declined by 4.3 percent on a comparable store basis. Total online sales, however, grew by 3.6 percent during the period.

Commenting on the trading, Myer Chairman, Garry Hounsell, said: “Myer has solid cash flows and has reduced net debt by 7 million Australian dollars compared to the previous corresponding quarter. Myer is well aware of its continuous disclosure obligations and confirms it is in compliance with them.”

The company added that during the last five years, Myer has incurred an NPAT loss in the first quarter but due to the heightened focus on profitability, NPAT loss for the first quarter of FY19 showed an improvement on Q1 FY18. Myer reiterates that it has not given earnings guidance and that trading during the second quarter represents the most important contribution to the company’s full year profitability.

Picture:Facebook/Myer