Home / Knowledge / News / Apparel/Garments / Myer delivers solid result in challenging environment
Myer delivers solid result in challenging environment
23
May '12
Myer Holdings Limited (MYR) reported third quarter total sales for the 13 weeks to 28 April 2012 of $651.1 million, down 0.9 percent compared to last year. On a like-for-like basis, sales were down 2.1 percent compared to last year.

Total sales excluding rationalised categories (whitegoods, movies and music, gaming, consoles, and GPS), were down 0.2 percent, down 1.6 percent on a like-for-like basis. Trading over the third quarter was mixed, with a significant deterioration in April, reflecting a very challenging trading environment and subdued consumer sentiment.

The key categories of Women's Youth (Miss Shop), Womenswear and Menswear were the strongest performers during the quarter. The best performing states of Western Australia, South Australia and Queensland were offset by the performance in both Victoria and New South Wales.

The recently completed refurbishment of our Carindale (Queensland) store has delivered a new cosmetics hall as well as new fixtures, fittings, flooring and lighting throughout. A number of new brands were introduced into the store including Marcs, Karen Millen, Manning Cartell, and Aurelio Costarella in Womenswear, MAC Cosmetics, Benefit, Kiehl's, SK-II and YSL Beauty in Cosmetics and R.M. Williams, R & G, G-Star, Elwood and Dom Bagnato in Menswear. Trading and customer feedback since the relaunch have been very positive.

Myer Chief Executive Officer, Bernie Brookes, said that the result was solid considering the very difficult trading environment in April, which has continued in the first few weeks of the fourth quarter.

During the fourth quarter, we will commence the refurbishment of our Highpoint (Victoria) store, which will incorporate improved lighting as well as updated flooring, fixtures and fittings. We are looking forward to opening our next two new stores at Fountain Gate (Victoria) in September and at Townsville (Queensland) in October. Recruitment and plans for opening these stores are progressing well.

We have been particularly pleased with the performance of a number of brands that have recently been launched in Myer as department store exclusive including T.M. Lewin and Elwood (Menswear) and Lipsy (Women's Youth).

We recently purchased the well-established Womenswear brand Grab, which will be introduced in our stores in August 2012. We are also looking forward to the brand extension of sass & bide into intimates.

Our online sales continue to grow at over 200 percent compared to last year and we have continued to make improvements to our website incorporating an increased range. We have a strong pipeline of improvements planned.

“Despite the challenging sales environment, we are continuing to see positive customer feedback from our investment in improving service, the addition of new wanted brands, growth in our Myer Exclusive Brands as well as our enhanced loyalty program.

“While there may be a delay in any positive impacts on discretionary spend, the recent rate cut by the Reserve Bank, as well as an improving employment rate and the upcoming cessation of the flood levy, are timely as we head into the fourth quarter and the important Mid Year Stocktake Sale in June. However, the fallout in equity markets and the ongoing turmoil in Europe continue to influence consumer sentiment.

“The majority of the second half net profit is made in the Mid Year Stocktake sale. While this sale was disappointing in 2011 with Q4FY2011 total sales down 5.8 percent, we have made a number of changes to improve the offer,” he said.

In light of all these factors and the very challenging and unpredictable retail environment being experienced across the sector, we now anticipate FY2012 NPAT to be no worse than 15 percent below FY2011 ($162.7 million).

Myer Holdings Limited


Must ReadView All

SIMA makes pre-budget recommendations to Indian govt

Textiles | On 22nd Jan 2018

SIMA makes pre-budget recommendations to Indian govt

Exemption of 5 per cent goods and services tax (GST) on raw cotton,...

Building of Ethiopian textile unit by Chinese firm starts

Textiles | On 22nd Jan 2018

Building of Ethiopian textile unit by Chinese firm starts

Chinese firm Wuxi No. 1 Cotton Mill will build a textile plant in...

Indian minister urges apparel industry for dumping data

Textiles | On 22nd Jan 2018

Indian minister urges apparel industry for dumping data

Indian textiles minister Smriti Irani recently urged the apparel...

Interviews View All

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Urmil Arya

Sushila International, a well established textile organisation established ...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search