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H1 sales down at Aussie's largest department store Myer

16
Mar '12
Myer Chief Executive Officer, Bernie Brookes, said the business has made good progress on delivering its strategic plan in the first half and that there continues to be a number of opportunities to further improve the business in this challenging retail environment.

“Our strong operating gross profit margin was driven by growth in MEBs, as well as progress in space optimisation, reducing markdowns and shrinkage, and improving product sourcing,” said Mr Brookes.

“We have continued with our strategy of a targeted and measured investment in improving customer service (1H 2012: additional $13 million investment). The positive customer and team member response to over 450,000 extra hours, improved product knowledge and training has certainly been encouraging.

“Our EBIT result was solid given the current trading conditions and reflects the robust business model we have established.

“The 1H NPAT included one-off impacts of c$17 million (cycling of the receipt of the Melbourne store underpinning) and a $5 million increase in depreciation, both not repeated in 2H. Assuming no further deterioration of trading conditions, we continue to anticipate FY2012 NPAT to be no worse than ten percent below FY2011 NPAT of $162.7 million."

“Recognising Myer's continued strong cash generation and stable balance sheet, the Board has declared an interim dividend of 10 cents per share, (1H2011: 11 cents),” he said.

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Myer is Australia's largest department store group and has been synonymous with style and fashion for over 100 years. With a valuable footprint of 67 stores in prime retail locations across Australia, generating total sales of over $3.2 billion in FY2010 (including sales by concession operators), Myer is a leader in Australian retailing. Myer has a strong connection with its customers, with one of the most reputable retail brands in Australia. It is known for its welcoming, familiar, trusted, stylish and fun shopping environment as well as its strong culture of philanthropy and local community engagement.

Myer Holdings Ltd


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