MELBOURNE: Womenswear and accessories continue to drive financial growth at Myer, with the department store crediting both for better than expected sales over fiscal 2009.
Although sales were down 1.8 per cent on the previous year to $3.261 billion, the two departments ouperformed other categories across fashion, footwear, electronics and homewares.
In a statement to shareholders, Myer said menswear and youthwear sales only lifted in the fourth quarter of the year on the back of improvements to product range.
Chief executive Bernie Brookes said consumers had responded well to promotional offers, stock availability, visual merchandising strategies, local marketing campaigns and federal stimulus handouts.
"Our performance continued to improve quarter for by quarter during [the financial year] with second half like-for-like sales up 0.4 per cent and fourth quarter like-for-like sales up 3.7 per cent."
Net profit rose 14.8 per cent to $109 million for the 12 months to July 25, compared to $95 in the previous year. Earnings for the current financial year are expected to grow more than 10 per cent as a result of increased sales in refurbished Myer stores.
The news came as Myer confirmed it would relist on the Australian Securities Exchange later this year.
Interested in what Myer's fashion portfolio will look like in the next 6 months? Pick up a copy of Ragtrader's September 25 edition.