MELBOURNE: Department store Myer claims its turnaround to 2010 is rolling out according to plan, following a solid financial year. Announcing its full year results for the year ended July 2008 today (September 29), the retailer confirmed earnings before interest and tax for the period was up 30.7 per cent to $213.2 million, while net profit after tax was up 39.5 per cent to $95 million.
Myer CEO Bernie Brookes confirmed recent highlights of the turnaround program included supply chain rationalisation - bringing Myer's distribution centres from 34 to four - and shrinkage of shipping times from Myer's Chinese hubs to 24 days. The store had also successfully implemented a program of joint range and trend planning with its suppliers. In terms of staff training the Myer "Awesome Service" program had rolled out to around 15,000 employees.
Fashion continued to play a strong role in the Myer brand's profile, with fashion icons including Jennifer Hawkins and Rebecca Twigley confirmed as Myer Ambassador and Myer Racing Ambassador respectively, the latter until 2013. Myer had also just penned a two year partnership deal with L'Oréal Melbourne Fashion Festival (LMFF).
Meanwhile on the shop floor new fashion initiatives included a womenswear range designed by famed 'Sex and The City' dresser Patricia Field - to launch in time for the spring racing season this October - as well as the addition of new labels such as iconic UK brand Ben Sherman - in store from next February.
With widespread investments in store refurbishments now underway Brookes said it was expected the turnaround phase for the store - initiated in 2006 and running to 2010 - would be followed by a period of growth from 2010 to 2014.