Myer Holdings Ltd
(ASX:MYR) has released its results for the 53 weeks ending 30 July 2016. The department store chain says its statutory after-tax net profit was $60.5 million (after implemtnation costs associated with its New Myer Strategy).
Myer has previously stated that the key elements its New Myer Strategy include: re-allocating 41,000 square metres of underperforming categories to 40-50 of the most ‘wanted brands’, and introducing restaurants, cafes and event spaces to its ‘priority stores’.
Also, total sales grew by 2.9% to $3.29 billion, up 3% on a comparable stores basis. This was driven by the rollout of wanted brands, improved customer service and growth in its online business.
This financial year, Myer will be accelerating capital investment in its priority stores – including the opening of a new store in Warringah, NSW. Myer will also roll out a number of “wanted brands” such as TOPSHOP, SABA and Oroton.
