Myer confident despite sales dip
MYER Holdings Limited today reported first quarter total sales for the thirteen weeks to 29 October 2011 of $681.4 million, down 3.5 percent compared to last year.
On a like-for-like basis, sales were down 5.1 percent compared to last year.
The retailer's decision to report separately on its electronics goods and the rest of its product range shows, without electronics, total sales figures were down 2.7 percent.
Myer chief executive officer Bernie Brookes said that while the trading environment during the first quarter continued to be challenging, the result was in line with expectations.
"Pleasingly, as the quarter progressed sales gradually improved against last year," Mr Brookes said.
"We have been especially encouraged by the positive customer response to our new store in Mackay," he said.
"We welcome the recent interest rate cut as we head into the critical Christmas trading period," he said.
"We are also confident that our customers will respond well to our new Summer ranges as well as our reinvigorated Stocktake Sale commencing on Boxing Day."
The recent opening of the new Mackay store has led to positive results and 16,000 MYER one customers.
A Townsville store is scheduled to open in the second half of 2012.