Myer reports 2.8 percent decline in Q1 sales

Australian departmental store chain Myer announced Q1 sales of 699 million dollars, down 2.8 percent for the 13 weeks to October 28, 2017. Sales on a comparable basis were down 2.1 percent, while sales per sq. mtr. were up 3.6 percent.

Commenting on the company’s performance, Myer Chief Executive Officer and Managing Director Richard Umbers said in a media release: “Sales during Q1 reflect the continuation of challenging retail conditions characterised by heightened competition and subdued consumer sentiment.”

During the quarter, Myer’s online business continued to record strong sales growth, which increased by 67.8 percent on the previous corresponding period. Omni-channel sales, which also include sales via the company’s 2,500 in-store ipads, totalled 48.4 million dollars. Click & collect grew strongly during the quarter to now represent 22.1 percent of orders.

“Myer remains focused on the upcoming and more significant trading periods of Spring Racing and Christmas during Q2 FY2018,” added Umbers.

Picture:Myer website