Myer sales fall in 3Q17

Company News

by David Chau

Myer (ASX:MYR) released its third quarter trading results this morning.

The department store chain’s total year to date sales fell 1.3% to $2.44 billion.  As for its total third-quarter sales, it fell 3.3% to $653 million.

However, Myer says it had continued strong growth in online sales – up 36% in the year to date.

Myer’s CEO and Managing Director, Richard Umbers, says Myer’s third quarter results reflect challenging trading conditions – compounded by severe weather impact in QLD and northern NSW associated with Cyclone Debbie.

Regardless, Mr Umbers says this will not stop Myer from hitting its full-year guidance forecast.

This morning, Myer shares are tracking 2.96% lower at 98.5 cents. 

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