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Department stores slash and burn their way to profit

Myer surprised some industry observers with a modest $24.5 million net profit, hardly a resounding affirmation of great progress on the latest turnaround strategy but a profit nonetheless. The result certainly looked better than the $486 million loss in the 2018 full financial year, a result that included massive writedowns on the value of the department store. The FY19 profit was largely the result of cost-cutting and reducing floorspace rather than reigniting sales or boosting its customer bas