NATIONAL: Myer has proved the grass really is no greener on the other side. Following on from a downgraded sales forecast from competitor David Jones yesterday, the department store said it expected a 3.8 per cent drop in sales for the first half of the 2009 financial year.
Sales in the first quarter were down 4.8 per cent and 3.1 per cent in the second quarter. In a trading update to market, CEO Bernie Brookes said he expected tough trading conditions to continue into the new year, especially over the third quarter.
Like-for-like sales were expected to be down 3.9 per cent for the first half of fiscal 2009. However, earnings before tax was expected to increase between 1 per cent and 6 per cent.
Myer also confirmed two directors had been appointed to its board, Dan Carroll and Gary Kusin who would replace Philipe Costeletos and John Lovering.