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Myer’s netprofit declined 18 per cent to $42 million in the first half, reflecting what the company described as an increase in the cost of doing business. billion, attributed to mixed trading conditions, store closures, and Myer Exclusive Brands stock trapped at its national distribution centre. .
Once seen as a staple of urban retail, departmentstores in China are undergoing a transformative reinvention. Market struggles Chinas department-store sector has long been a foundational part of the countrys commercial infrastructure, but in recent years, it has been under mounting pressure.
Wesfarmers posted higher netprofit amid stronger sales across its retail businesses in the fiscal first half ended December 31. The group’s netprofit rose 2.9 The post Wesfarmers posts higher netprofit on higher Bunnings, Kmart, Officeworks sales appeared first on Inside Retail Australia.
Solid results in the Australian food and B2B business segments drive an increase in first-half sales and netprofit for Woolworths Group. The supermarket group’s netprofit rose 2.5 While Big W sales fell 6 per cent, Woolworths said it is optimistic to see the departmentstore improve in the fourth quarter.
Myer saw a decline in netprofit in the last fiscal year due to the underperformance of Sass&Bide, Marcs, and David Lawrence, inflationary pressures, and store closures. The departmentstore chain’s netprofit fell 26 per cent to $52.6 million as sales dipped 2.9 per cent to $3.27
Departmentstore chain Myer delivered its highest full-year sales since 2005 this year but remains cautious as consumer spending declines due to unfavourable economic conditions. per cent of total sales – and a 10 per cent increase in productivity gains at physical stores. . ” Netprofit rose 18.2
Departmentstore Myer has enjoyed the fruits of a rebounding retail environment in FY21, with total sales up 5.5 billion – 20 per cent of which were made online – leading to a statutory netprofit figure of $46.4 Myer’s profit is a strong improvement on the $172.4 Myer’s profit is a strong improvement on the $172.4
While discounts and deals will be core, the ailing departmentstore chain is also prioritizing in-store merchandising and curation to improve the customer experience. To make finding the perfect gift even easier, Kohl’s has developed a new front-of-store experience, aptly called Gift Shop, that is curated for various holiday gifting needs.
Shinsegae — one of the Big 3 of Korean departmentstore retailing along with Lotte and Hyundai — has continued its great form right through into the second half of the year, helped by the removal of the country’s remaining pandemic restrictions and an increasingly buoyant mood among the country’s more affluent consumers.
Inflationary pressure on consumer discretionary spending, supply chain disruptions and elevated inventory levels, which tie up a retailers’ net working capital, are set to create the perfect storm for retailers that do not have a strategy in place to ensure they are well positioned for the choppy market conditions ahead.
Lakeside Jundaloop has a gross lettable area of 99,832sqm, and major tenants include supermarkets Coles, Woolworths, and Aldi; entertainment sites Hoyts and Timezone; and departmentstores Myer, Big W, Kmart, and Target. Vicinity’s netprofit grows 101.5 Vicinity’s netprofit grows 101.5
The group – which owns and operates brands including Dotti, Peter Alexander, Just Jeans, Smiggle, Portmans and Jacqui E, and features over 1,100 stores across six countries – saw netprofit after tax rise by 6.5 But my general view is they’ve done a great job and are maxing out the domestic market physically.
After a rollercoaster six months of lockdowns, Christmas and Omicron, departmentstore Myer yesterday delivered a strong half year result with netprofit up 55 per cent and its first dividend payment since FY17. We know the program is a highly valuable differentiator in the market.”.
Wesfarmers has joined in the parade of businesses reaping the rewards of a strong year of trade, despite ongoing movement restrictions, signaling a 40 per cent jump in netprofit to $2.38 Catch’s earnings were also impacted by investments in technology, marketing and fulfilment capabilities to support further growth.
Myer’s online sales have more than doubled since John King took over running the departmentstore in 2018, and the CEO believes they can double again to reach $1 billion in the not-too-distant future. But while online sales boomed in FY21, Myer’s in-store sales suffered from forced closures during lockdown. per cent to $2.7
billion baht, and netprofit by 1.3 Among the highlights was a successful relaunch of Central Chidlom (popularly known as Central DepartmentStore) in downtown Bangkok, with a new multi-level designer wing called Luxe Galerie. Also, the portfolio still has a lot more growth potential. For the full year, revenue grew by 5.7
Given the level of uncertainty [in the market] and the [$172 million] loss incurred last year by Myer, Premier is requesting that Myer immediately update the market on its expected FY21 results.” Myer’s half year results, however, did see the business recover slightly – with a netprofit after tax of $42.9 million, up 8.4
I can’t wait to get to Australia and New Zealand to meet our team, customers and partners and continue the growth for Puma in the market,” said Pustina. Nicole Hubbard Graham will become the new chief marketing officer, succeeding Dirk-Jan “DJ” van Hameren, who will retire next summer after 31 years with the company.
per cent, with comparable store sales growth of 15 per cent. million, while its netprofit rose by over 100 per cent compared to the last financial year, excluding JobKeeper support, to $60.2 We have a different set of information, to the information that’s become vulnerable in the market,” she said.
Words used for praise in marketing have a tendency to get overused to the point of being meaningless, thus requiring replacement every couple of years. The departmentstore huffed and puffed, but its status was clearly under threat. The bottom line: netprofit was up a healthy 14 per cent, to 2.5
The loyalty market in the Asia Pacific (Apac) region is expected to grow by 11 per cent annually, to reach US$52.05 Sharing the good fortune Another example of a retailer’s growing focus on loyalty programs is Australian departmentstore, Myer. billion in 2024. million active members, with 5.2
The viability of the two iconic departmentstore chains, Myer and David Jones, has been seriously analysed and debated since a merger proposal by Myer was revealed in 2014. The financial collapse of traditional US and UK departmentstores and the impact of the pandemic has increased industry scrutiny on Myer and David Jones.
They include the refurbishment of its store network, the rollout of its national distribution centre , and the relaunch of Country Road Group in July this year. billion, while netprofit after tax grew by 101.4 For the 26 weeks to 28 January 2023, Myer saw total sales growth of 24.2 per cent to almost $1.85
Eighteen months on, the excitement around the merger is beginning to dissipate, as Lotus’s toils in a fiercely competitive market with a cash-strapped core customer. In its first quarter results released in May, the Makro side of the Siam Makro business reported year-on-year sales growth of 13 per cent, with same-store sales growth at 10.9
million, though due to a higher cost of doing business netprofit fell 6.5 per cent, and rising e-commerce growth offset slowing in-store activity due to the Omicron wave. The discount departmentstore did see strong online adoption through the half, since most stores were closed, with a 69.4
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