By Keri Algar
SYDNEY, NSW: After announcing full year results in August, Myer has announced it is changing its game plan in an effort to bolster 2011 sales.
Over the last year Myer has heavily invested in the refurbishment of eight stores, enhancing the visual presentation of products, a CCTV roll out and a new merchandising system, which CEO Bernie Brookes said was instrumental to the company’s growth in FY2010.
“Our performance during the year is evidence of the resilience and sustainability of our improved business model. After 50 months of fundamental business transformation, we have a significantly more efficient and profitable platform from which to grow,” said Brookes in a statement issued to the Australian Securities Exchange today.
“One of our top priorities in FY2011 is improving our level of service to customers. We’ve put in place a comprehensive strategy to address service, underpinned by our investment in a new point of sale system, which is in its final rollout, and will dramatically improve our team members’ ability to serve customers more quickly and more efficiently.”
Myer reported a 0.7 per cent rise in sales $3,284 million, up 0.5 per cent on a like-for-like basis for FY2010.
Net profit after tax (NPAT) was up 55 per cent to $169 million, ahead of the prospectus forecast of $160 million.