“During the last quarter we reached a milestone with our MYER one membership program, which now has four million members. The program continues to be a key competitive advantage providing valuable customer insights as well as the ability to offer our customers targeted and relevant offers.
“We continued our commitment to investing in stores with the refurbishment at Garden City, Western Australia completed during the quarter. We recently commenced refurbishments at Eastland, Victoria and Liverpool, NSW. During the next few months, we anticipate beginning refurbishments at Carindale, Queensland and Marion, South Australia. Our new store rollout program is on track with our next new store due to open in October in Mackay, Queensland.
“The establishment of our Global Sourcing Offices in Shanghai and Hong Kong is progressing well with the key management roles already in place for each office.”
Outlook.
During the remainder of FY2011, we anticipate trading conditions will remain challenging and we continue to expect NPAT for FY2011 to be up to five percent below last year's NPAT of $169 million.
Myer Holdings Limited (MYR)
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