Myer reports 37 percent drop in first half profit

Myer’s statutory net profit fell 36.5 per cent to 24.4 million Australian dollars in the six months ending January 25 impacted by restructuring cost, redundancies and the exit of Apple products and Country Road Group brands. First half total sales at Myer were down 3.8 percent to 1.6 billion Australian dollars, while comparable store sales rose 0.4 percent excluding Apple and Country Road group sales. Online sales during the period under review were up 25.2 percent to 168.2 million Australian dollars, now representing 10.5 percent of total sales.