Myer Q3 FY2018 sales down 3.1%

Company News

by Anna Napoli

Department store Myer (ASX:MYR) has announced a 3.1 per cent drop in third quarter sales.

The company says the drop was due to unseasonably warm weather, which affected sales of winter apparel, shoes and accessories.

Weather conditions may also impact fourth quarter sales.

Online sales went the other way increasing by 49 per cent to $36 million for the quarter.

The company also announced that it’s incoming CEO John King will take up the role on the 4th of June, it’s hoped he will be able to turn the troubled department stores sales around.

Shares in Myer (ASX:MYR) have risen 1.33 per cent to 38 cents.
 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.