Brand clean out boosts retailer’s sales.
Myer has seen comparable store sales grow around 4% higher in the first quarter. The department store’s overall revenue rose 3.4% to $714.8 million in the three months to October 24, supporting the company’s full-year profit guidance of between $64 million and $72 million. After losing 21.8% over the first quarter, Myer’s shares also bounced on the sales result.
By culling older, underperforming brands, Myer made room for 300 new brands since July, all in its fashion department which is a major plank in its $600 million transformation plan.
Meanwhile, the company has claimed that its trial of a digital hub in Parramatta has been successful and has appointed former M&C Saatchi managing director David Whittle as a non-executive director.
Addressing shareholders at the retailer’s annual general meeting in Melbourne, Myer chair Paul McClintock (pictured) urged them to visit a Myer store and experience the changes that had already taken place as Myer pushes ahead with its program.
“If you have not visited a Myer store recently, I urge you to do so,” McClintock said.
“I think you will be surprised just how much has changed in a very short time, but of course we have only just begun.”