New Myer chief executive John King hopes to reverse a long-term slide in earnings as early as this year by cutting back on discounting, closing clearance floors, stocking more exclusive brands and shrinking stores while improving customer service.
Unveiling his long awaited turnaround plan, Mr King said his focus was on improving Myer’s bottom line and restoring value to long-suffering shareholders by reducing costs and boosting margins rather than chasing unprofitable sales.
He warned that the topline could be “bumpy” over the next few years as the retailer reduced discounting by about 8 per cent a year, handed back unproductive floor space to landlords, introduced new brands and increased its lower-priced but higher marg…
Read the full article at: https://www.afr.com/business/retail/myer-plunges-to-486m-loss-but-debt-refinanced-and-covenants-eased-20180911-h1591u
