Friday 15 March 2013

Myer Reports $88M First Half Profit

Myer has reported an increase in sales and an increase in profit after focussing on higher performing categories. In the last 6 months reporting period it cut down on discounts, sold more in-house brands and moved away from electronics and white goods categories.

Since 2010 Myer has moved away from white goods, electronic gaming consoles, CD’s and DVD’s, and re-allocated space to higher margin fashion categories including some new independent brands like Trent Nathan, Sass & Bide Intimates, and Material World by Madonna.

Myer said its focus on price harmonisation (requiring suppliers to provide level price playing fields instore and online) is gaining results and their own online activities are growing steadily. They also report that more of their customers are researching online and buying in-store rather than the opposite.