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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. .
Departmentstore Myer has recorded a strong performance in its half-year results, with netprofit after tax hitting $32.3 The group has reported that the first five weeks of the second half has recorded a strong sales momentum both in-store and online delivering 15.2 million – an increase of 55 per cent. .
The fight for board control of departmentstore Myer will be decided in the next few months, with the firm’s AGM likely to run in late October, but Solomon Lew’s major stake in the business could well be diluted by the time to vote. Departmentstore sales up this year. million, up 5.5 per cent to $539 million.
“As with most retailers, we remain cautious on the macroeconomic environment for the remainder of the calendar year but are equally confident in the continuing momentum we have within the Customer First Plan and a range of initiatives we are executing.”
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.
per cent increase in departmentstores and a 3.3 Despite some retailers reporting strong sales because of the growth in online sales, netprofits declined. per cent in the 2022 fiscal year supported by record online sales, which increased by 44 per cent while netprofit fell by 20 per cent.
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.
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. Statutory netprofit after tax rose to $46.4 Online is now a $500-million-plus business. Myer reported $539.5
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 The conglomerate’s retail sector, made up of Bunnings, Kmart Group and Officeworks, delivered strong sales of $33.9
I’m [coming in] because I want to listen to the team, and add my value to that plan going forward,” he said. “I per cent, with comparable store sales growth of 15 per cent. per cent, with comparable store sales growth of 15 per cent. We are focused on continuing execution and delivery of the customer-first plan,” she said.
This year, Central plans to open four new home-improvement stores, 10 supermarkets/food halls and four Go Wholesale warehouses in Thailand, plus two Go! stores in Vietnam. billion baht, and netprofit by 1.3 It now has 10 units in operation and by the end of 2025 will have 14 if all goes according to plan.
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.
The departmentstore huffed and puffed, but its status was clearly under threat. The floors that have been unveiled already make a sparkling addition to the departmentstore and transport it firmly into the 2020s, making its new company-coined moniker, “Store of Bangkok”, only just a teeny-weeny exaggeration.
But he believes that the company’s impressive sales growth is set to continue as it emphasises the initiatives that underline its ‘Customer First Plan.’ 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. per cent to almost $1.85
billion, with $71 million in netprofit, up 18 per cent year on year. The result was impressive, considering the business doubled its profit last year and the softer trading conditions throughout the year. The ability to have both is complementary.” Myer lifted its sales 12.5 per cent year on year in FY23, to $3.3
billion, as store closures during sporadic Covid-19 lockdowns throughout the year forced customers to shop online. Netprofit after tax was up more than 40 per cent to $2.4 Total online sales increased by 57 per cent to $3.3 Bunnings reported a 12.5 per cent increase in revenue to $16.87 billion, with earnings increasing 19.7
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