Myer’s sales declined in the 22 weeks ended December 28 amid challenging trading conditions.
The department store chain booked sales of $1.59 billion, down 0.8 per cent, impacted by the temporary closure of the Werribee store from February 14 to November 29.
Its online store sales rose 2.8 per cent and accounted for 22 per cent of the group’s sales.
The company’s earnings before interest and taxes (EBIT) amounted to $48 million, a decline of $16 million.
Aside from difficult macroeconomic factors, Myer attributed the financial performance to higher costs and ramp-up complexity at the new National Distribution Centre in Ravenhall, delaying the realisation of expected benefits.
“In challenging trading conditions for the retail sector driven by a tough macroeconomic environment, Myer’s year-to-date sales performance has been stable,” said Olivia Wirth, Myer executive chair.
“Trading during last year’s key sales events including Black Friday was strong, but consumers remain cautious and focused on value given persistent cost-of-living pressures.”
Last October, Myer signed a deal to acquire Premier Investments’ Apparel Brands business in Australia and New Zealand.