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Myer Lifts Third Quarter Sales by 2.4 Per Cent

Myer Lifts Third Quarter Sales by 2.4 Per Cent
May 13, 2015 By Wise-owl

Australian retailer Myer Holdings Limited (ASX:MYR) has announced a 2.4 per cent increase to total sales in its Q3 FY2015 Sales Update on Wednesday. For the 13 weeks up to 25 April 2015, total sales reached $661.8m. On a comparable store sale basis, sales were up 1.7 per cent compared to last year. For the year to date, total sales were up 1.7 per cent to $2,425.3m and sales on a comparable store sales basis were up 1.1 per cent.

Myer attributed the increase in sales to four major refurbishments and two new stores that were launched before Christmas last year. The company also cited continued strength in its online business. The report did note subdued trading conditions in both Western Australia and Queensland during the quarter. Per its first-half results posted in March, the company said it was currently undertaking a thorough review of its strategy. Its ongoing strategy restructuring is “progressing well”, according to the report.

In its March half-year report, Myer saw a 23.1 per cent fall in net profit for the half-year to January. The retail company also projected a full-year profit of between $75m and $80m, somewhat below the $90m prediction of some analysts. Between the end of February and the end of March, shares of the retail company fell almost 30 per cent. MYR has received a boost on Wednesday, jumping 11c, or 7.80 per cent, at $1.52 per share around 12:14pm. MYR has fallen 28.97 per cent in the last 12 months but has advanced 8.57 per cent so far this year.

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Wise-owl Author: Wise-owl May 13, 2015

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