Myer sales below expectations

Company News

by David Murdoch

Myer Holdings Limited (ASX:MYR) today announced its financial results for the full year to July 29 2017, reporting their net profit after tax (NPAT) fell 2.2 per cent on FY16 to $67.9 million.

In more bad news for Myer, its total sales fell over the 2017 financial year, by 1.4 per cent on FY16 to $3.2 billion.

Its earnings before interest and tax (EBIT) decreased 3.3 per cent on the prior year, to $106.6 million.

Myer Chief Executive Officer and Managing Director Richard Umbers says the company was obviously disappointed not to exceed last year’s NPAT of 69.4 million, but says they’ve become a more efficient retailer.

The company declared total distributions of 2 cents per share fully franked to be paid on the 9th of November 2017.

Shares in Myer (ASX:MYR) are trading up 3.47 per cent to 74 cents