Due to difficult trading conditions.
Total Q3 sales for Myer were down 3.3% to $653 million and down 2% on a comparable store basis, for the 13 weeks to 29 April, 2017. Myer CEO and managing director, Richard Umbers attributed the declines to challenging trading conditions compounded by severe weather impacts in Queensland and northern New South Wales associated with Cyclone Debbie.
“Despite these trading conditions we are reiterating our full year guidance provided at the first half results in March. We have remained strongly focused on driving productivity, lifting efficiency and reducing our historic dependency on discounting all of which have impacted the result,” Umbers said.
Umbers is confident the long term benefits of a more productive network would outweigh the short term sales impact of store closures at Brookside and Orange at the start of the third quarter and Wollongong in October 2016.
“Myer has delivered total and comparable store sales growth in five of the past seven quarters. While sales growth is integral to the New Myer journey, at this time we are focused on higher quality sales to maximise profitability,” he said.
“Over the past 18 months we have invested heavily in improving our omni-channel offer and it is pleasing to have delivered continued strong growth in online sales of 36% year to date. There has also been strong customer take-up of AfterPay since the recent launch,” he added.