Myer has reported an increase in profit but on lower sales which begs the question - have they simply given themselves more time to find a solution to department store decline?
Net profit is up 3.1% while total sales fell 2.8%. The company is continuing its focus on exclusive brands and making the most of its new website which apparently performed well in the lead-up to Christmas, and produced record online traffic on Boxing Day.
Myer says it will continue to focus on in-store customer service, expanding its exclusive brand range and improving its online offer. For them, increasing profit is a good start.