Myer Q3 sales little changed

Retailer's Q3 comparable sales lift slightly; total sales slip, miss expectations.

Myer Holdings (MYR) has delivered largely unchanged third-quarter sales results, with comparable sales eking out a 0.24% increase and total sales edging down 0.93% as the impact of store refurbishments continues to weigh on the retailer.

Total sales in the 13 weeks to April 26 came to $646.5 million, below analaysts expectations of $661.8m.

Chief executive Bernie Brookes said the marginal decline in total sales reflected the continued significant sales impact of the refurbishment of three of its top 20 stores, as well as the commencement of a refurbishment at the Macquarie store in February.

"In addition, sales continued to be impacted by the closure of Dandenong last October and more recently the closure of the store at Elizabeth in February," he said.

Mr Brookes said these impacts were partially offset by the sales contribution of the new store at Shellharbour in NSW.

The reatiler noted continued strong growth in online sales during the quarter.

Fourth-quarter sales are expected to benefit from the completion of refurbishments to the Adelaide and Indooroopilly stores.

Before Christmas, the Macquarie and Miranda refurbishments are expected to be completed, and a further two stores will be opened.

Mr Brookes also said the Melbourne City (VIC) store is poised to benefit from the opening of the new Emporium development adjacent to the store.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles