By Keri Algar
SYDNEY, NSW: Myer has today announced an improvement in its full year sales of 0.7 per cent, whilst forecasting its earnings before interest and tax (EBIT) to slightly exceed earlier predictions by $4 million.
Sales reached $3.23 billion for the 52 weeks to 24 July 2010, according to a statement released on the Australian Securities Exchange.
Similar to other publicly listed consumer electronics retailers, like JB Hi-Fi, Myer’s experienced a Q4 decline in sales, down 1.4 per cent.
Bernie Brooks, CEO of the upscale department store said he was pleased with the amended EBIT forecast of between $265 million and $272 million, up from the previously expected $261 million.
“I am very pleased to report that we now expect EBIT for the full year to be ahead of prospectus.”
Brooks’ comments on the slow Q4 recall JB H-Fi CEO, Terry Smart’s remarks last week.
“The trading environment in the fourth quarter continued to be a very challenging, characterised by fragile consumer confidence on the back of successive interest rates increases and global economic uncertainty,” said Brooks.
In other retail news, David Jones will be unveiling its two new Burke Street Mall stores tomorrow, 13 August 2010.
The stores will offer 30 per cent more floor space and the company predicts sales to grow in proportion to the space increase.
David Jones CEO Paul Zahra said, “For the first time in history the David Jones Melbourne CBD stores will be on par in size with our competitor.”