Sales are still falling at Myer.
Progress on restructuring the department store has proved slower than expected.
The company today posted a 1.4% drop in sales to $3.2 billion, down 0.2% on a comparable store basis, for the full year.
Net profit after tax was down 1.9% to $67.9 million, but within analyst expectations.
A short time ago, Myer shares were up 3.4% to $0.745.
CEO Richard Umbers says significant progress has been made to deliver New Myer which has assisted the company to withstand challenging retail trading conditions characterised by heightened competition, subdued consumer sentiment and discount fatigue.
We are obviously disappointed to have not reached our target of exceeding last years NPA…
Read the full article at: https://www.businessinsider.com.au/myer-annual-results-2017-9