Myer hopes for Christmas boost

 

myerMyer boss Bernie Brookes says trading conditions remain “patchy” for the department store group, but it’s looking forward to a better Christmas.

Myer made $691 million in total sales in the 13 weeks to October 26, which is up 0.44 per cent on the same period last year.

Brooks said that while consumer spending had improved since the federal election on September 7, business at its department stores remained inconsistent.

“We’re getting some really good days and we’re getting some not so good days,” he said.

“It does show good signs … but we know that it’s still very tough and very patchy.”

Myer has endured a difficult couple of years with a slowdown in consumer spending growth hurting sales and earnings.

But, Brookes, said the slight rise in sales in the October quarter, which came after a slump during the previous quarter, suggested this year’s Christmas period would be better for Myer.

“You don’t suddenly have a good Christmas unless you get a good leadup to Christmas,” he said.

“October was better than September and September was better than August So, on that basis, it means the trend is headed in the right direction,” he said.

He said improvements to Myer’s online business, customer service, and refurbishments of some of its top stores meant it was well-placed to benefit from a surge in spending over Christmas.

“We’re very comfortable with where we are positioned. We’re in a good stock situation, our online business is thriving, our customer service scores are getting better, our new merchandise is hitting the road and we’ve had good early sales,” he said.

“You throw all of those into the mix and we are increasingly comfortable heading into Christmas that we’ve got everything ready to go.”

Myer shares gained three cents to $2.72.

AAP

You have 7 articles remaining. Unlock 15 free articles a month, it’s free.