Myer Holdings Limited
(ASX:MYR) has announced first quarter sales for FY18 are down 2.8 per cent to $699.0 million.
CEO Richard Umbers has cited challenging retail conditions characterized by heightened competition and subdued consumer sentiment as factors.
While sales on a comparable store basis were down 2.1 per cent, sales per square metre were up 3.6 per cent.
Myer’s online sales saw strong growth, increasing 67.8 per cent over the prior corresponding period.
Shares in Myer Holdings Limited
(ASX:MYR) last traded flat at 77 cents
