Myer Q3'FY14 comparable store sales stay stable

02 May '14

4 min read

Myer Holdings Limited reported a 0.24 percent increase in comparable store sales in the third quarter (13 weeks to 26 April 2014) compared with last year. Total sales were $646.5 million, down 0.93 percent compared with last year.

Highlights included:

-Cosmetics, Fashion Accessories, Youth, Small Appliances and Toys were the strongest performing categories during the quarter;

-The mid-season sale which occurred between 2nd and 27th April delivered strong sales growth;

-Best performing states were New South Wales and Victoria;

-Further growth in Concessions during the quarter; and

-Continued strong growth in online sales and key online customer metrics.

Myer Chief Executive Officer Bernie Brookes said, “It was encouraging to achieve another quarter of comparable store sales growth which has now been achieved in seven of the last eight quarters.

“The marginal decline in total sales reflected the continued significant sales impact of the refurbishment of three of our top 20 stores and the commencement of a refurbishment at the Macquarie (NSW) store in February. In addition, sales continued to be impacted by the closure of Dandenong (VIC) last October and more recently the closure of the store at Elizabeth (SA) in February. These refurbishment and closure impacts were partially offset by the sales contribution of the new store at Shellharbour (NSW) which opened in May 2013,” said Mr Brookes.

Three of Myer’s top 20 stores which continue to undergo significant refurbishment are Adelaide City (SA), Indooroopilly (QLD) and Miranda (NSW). “In line with our plan to improve the productivity of our store network, the Elizabeth (SA) store was closed in February 2014 with all team members successfully re-deployed to other stores. We are encouraged by the improved trading performance of the nearby store at Tea Tree Plaza since the closure of our store at Elizabeth,” said Mr Brookes.

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