For the fourth consecutive quarter, Myer has managed to report positive results for the third quarter for the 13 weeks to 27 April 2013.
On comparable store sales basis, sales were up 0.4 per cent compared to last year. Meanwhile total sales for the quarter were $652.5 million, up 0.5 per cent compared to last year.
Myer chief executive officer Bernie Brookes attributed the lift to its key performing categories of menswear, cosmetics, womenswear and childrenswear.
He said these areas continue to reflect the company’s ongoing commitment to servicing its better performing areas, such as with the recent announcement of having Napolean Perdis joining the cosmetics brand line-up. The company has also successfully signed an exclusive contract with swimwear Seafolly, which will see it distributed at 68 stores across the country. Brookes said the company has set a full year budget of $20 billion for these two brands alone with belief they will make a significant contribution to the company.
At the same time Myer continues to exit brands that contribute to less than 0.1 per cent of the company’s profits.
Myer’s best performing states for this quarter were Victoria, Queensland and NSW. Brookes however noted that Western Australia was the best performing state but results were partially impacted by its Fremantle store closure.
Brookes said the company remains cautious about the outlook for retail trading, which is in line with commentary provided in March
“Notwithstanding the external factors influencing consumer confidence and discretionary spend, we remain focused on executing our well-established five-point strategic plan and continue to make progress on all five pillars. These are improving customer service, enhancing our merchandise offer, optimising our store network, strengthening our loyalty program and building a leading omni-channel offer,” he said.