Myer posts strong first quarter FY10 sales

Myer has released its sales results for the first quarter of FY10 ending 24 October 2009, the retailer recorded impressive sales growth and is performing much stronger than the same period last year.

According to the report issued to the Australian Securities Exchange yesterday, Myer Holdings Limited recorded first quarter sales revenue of $717.1 million, which is up 5.2 per cent compared to the same period last year.

Like-for-like sales growth for the first quarter of FY10 were also up 2.9 per cent and when you incorporate the sales growth from the refurbished Sydney, Castle Hill and Geelong stores, like-for-like sales grew by 4.5 per cent.

Myer chief executive Bernie Brookes commented on the impressive results.

“The work we have done to improve range and fashionability, refresh our stores to make them more inspiring and ‘shoppable’ for customers, and improve in store execution is starting to bear fruit,” he said.

“We are pleased to report that we have made a strong start to the year and we are continuing the positive momentum of the fourth quarter of last year.”

Brookes was confident Myer would continue this success through Christmas and the year to come.

“The business is in good shape as we approach the important Christmas trading period,” he said. “Consumer sentiment is stronger than this time last year.”

According to the release, the strongest performing states for the retailer were New South Wales, Australian Capital Territory, Victoria and Tasmania. Brookes also emphasised that the Doncaster store in particular was doing very well.

“The performance of our Doncaster store since refurbishments last year is particularly pleasing and the store is on track to deliver annualised sales of $85 million,” he said.

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