Myer tightens belt to reach profit target
Department store group Myer has tightened its full-year profit guidance after reporting a 4 per cent decline in its first-half profit.
Mar 17, 2016, updated May 14, 2025
The struggling retailer said net profit for the 26 weeks ending January 23 fell to $59.7 million, with price markdowns helping to offset the impact of a lower Australian dollar.
Sales rose 1.8 per cent during the period to $1.79 billion, with comparable store sales up 3.3 per cent.
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Myer, which launched a five-year turnaround plan in September, now expects full-year profit of between $66 million and $72 million, compared to its previous forecast of $64-$72 million.
The company will pay an interim dividend of two cents per share.
AAP
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