NATIONAL: Myer has announced a two per cent increase in total sales for the first half of the 2009/10 financial year, despite a "disappointing" December.
Total sales revenue for the half year to January 23 was $1.797 million, an increase of two per cent on the previous corresponding period. Like for like sales – that is, excluding new stores – were up 1.2 per cent. While the department store recorded “strong” like-for-like sales in November 2009 and January 2010, “negative” like-for-like sales were recorded in December 2009.
Myer CEO Bernie Brookes said despite the flat pre-Christmas period, the retailer had increased its earnings before interest and tax (EBIT) expectations for the first half of 2009/10.
“Against a backdrop of unprecedented early and deep discounting in the retail sector in the run up to Christmas, we now expect to achieve growth in EBIT in excess of 10 per cent for the first half,” Brookes said.
“While sales in the December month were disappointing, the business performed very strongly in January and the stocktake sale was a great success. Customers have responded very well to our range of Myer exclusive brands including Wayne by Wayne Cooper and NF by Nicola Finetti, which offer customers fashionability at accessible price points.”
Brookes said the company was “particularly pleased” with sales increases recorded in recently refurbished stores, and that future refurbishments and new stores openings were “on track and progressing well”.
“Following a solid performance in the first half, we remain confident of delivering EBIT of $261 million for the full year,” Brookes said.