Myer posts marginal drop in year-to-date sales

In a preliminary trading update, Myer said that year to date comparable sales were in line with the prior year, while total sales were approximately 1,592 million Australian dollars, down 0.8 percent.

The company said in a statement that the sales were affected by the temporary closure of the Werribee store between February 14 and 29 November 2024.

Commenting on the trading update, Myer executive chair, Olivia Wirth, said: “In challenging trading conditions for the retail sector driven by a tough macroeconomic environment, Myer’s year-to-date sales performance has been stable.”

Group online sales were up 2.8 percent and represented 22 percent of total sales in the period.

Operating gross profit was approximately 560 million Australian dollars, a decrease of around 15 million Australian dollars, while EBIT was approximately 48 million Australian dollars, a decrease of approximately 16 million Australian dollars.

The company added that Myer’s year-to-date financial performance has been impacted by challenging macroeconomic conditions as well as increased costs and ramp-up complexity at the new National Distribution Centre in Ravenhall, which has delayed the realisation of expected benefits.

The company also notes that Premier’s retail businesses including Apparel Brands have also been affected by the challenging trading conditions during the first half of 2025. On October 29, 2024, Myer announced that it had entered into a share sale and implementation agreement with Premier Investments for a transformational combination of Myer and Apparel Brands.