Myer sales slide

myerMyer has blamed refurbishment work at three of its stores for a slide in its third quarter sales.

The department store chain recorded sales of $646.5 million for the three months to April 26, which is down 0.93 per cent compared to the same time a year ago.

Comparable store sales, which excludes the impact of the refurbishment work, was up 0.24 per cent.

“It was encouraging to achieve another quarter of comparable store sales growth which has now been achieved in seven of the last eight quarters,” Myer CEO, Bernie Brookes said.

“The marginal decline in total sales reflected the continued significant sales impact of the refurbishment of three of our top 20 stores and the commencement of a refurbishment at the Macquarie (NSW) store in February,” he said.

The result was also affected by the closure of Myer’s underperforming Elizabeth store in South Australia in February.

 Brookes said the company’s fourth quarter sales would receive a boost from the re-opening of its Adelaide CBD store and its Indooroopilly Store in Brisbane.

Meanwhile, the retailer’s flagship Melbourne store would benefit from the opening of 7000sqm of new space as part of the adjacent Emporium development.

AAP

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