Money Myer profit tumbles 80pc on falling sales and write-downs

12:15  14 september  2017
12:15  14 september  2017 Source:   ABC News

Australian retail sales stall

  Australian retail sales stall Australia's golden run of retail sales growth has come to an end. According to the Australian Bureau of Statistics (ABS), sales came in flat during July in seasonally adjusted terms, missing forecasts for an increase of 0.2%.It was the weakest result since March when Cyclone Debbie caused widespread damage and disruption to southeast Queensland and northern New South Wales.Excluding food, the largest category by total dollar spend, sales slid by a larger 0.5%. June’s result, initially reported as an increase of 0.3%, was also revised down to 0.2%.© Business Insider Australia Australian retail sales.

Key points Myer full-year profit tumbles 80 pc to .9m as brand investments fail ABS figures show department store sales across Australia have fallen in 11 of the past 13 months fashion range again recorded disappointing sales and its book value was written down by

Myer profit tumbles 80 pc on falling sales and write - downs . Mike Williams Sep 14, 2017 0. In the world.

What to watch next
  • 9RAW: Café serves up free coffee for RU OK? Day

    Café serves up free coffee for RU OK? Day

    9News.com.au Logo
    9News.com.au
    0:50
  • Lambie supports Bernadi's stance on media reforms

    Lambie supports Bernadi's stance on media reforms

    ABC News Logo
    ABC News
    1:59
  • Two flight attendants injured in turbulence

    Two flight attendants injured in turbulence

    Seven News Logo
    Seven News
    0:20
  • Father unintentionally drops his son during AFL interview

    Father unintentionally drops his son during AFL interview

    9News.com.au Logo
    9News.com.au
    0:18
  • Senator Nick Xenophon speaking about media reforms

    Senator Nick Xenophon speaking about media reforms

    ABC News Logo
    ABC News
    20:50
  • 9RAW: AFL player Trent Cotchin drops his daughter

    AFL player Trent Cotchin drops his daughter

    9News.com.au Logo
    9News.com.au
    0:19
  • Frightening audio captures graffiti artist’s panic as he’s dragged down the road

    Frightening audio captures graffiti artist’s panic as he’s dragged down the road

    9News.com.au Logo
    9News.com.au
    0:45
  • Firefighters battled to bring several blazes under control

    Firefighters battled to bring several blazes under control

    ABC News Logo
    ABC News
    1:00
  • Dramatic citizens arrest caught on camera in Melbourne

    Dramatic citizens arrest caught on camera in Melbourne

    Seven News Logo
    Seven News
    1:50
  • Government's changes to media laws due to pass parliament

    Government's changes to media laws due to pass parliament

    Seven News Logo
    Seven News
    1:58
  • Queensland’s game of political poker just got more interesting

    Queensland’s game of political poker just got more interesting

    9News.com.au Logo
    9News.com.au
    1:49
  • Police hunting man who stabbed security guard at Brisbane girls school

    Police hunting man who stabbed security guard at Brisbane girls school

    Seven News Logo
    Seven News
    0:27
  • 9RAW: CCTV captures brave brothers chase offenders

    9RAW: CCTV captures brave brothers chase offenders

    9News.com.au Logo
    9News.com.au
    0:51
  • Police hunting for man suspected of stabbing attack

    Police hunting for man suspected of stabbing attack

    9News.com.au Logo
    9News.com.au
    1:55
  • Thousands more parents to be affected by 'no jab, no pay'

    Thousands more parents to be affected by 'no jab, no pay'

    9News.com.au Logo
    9News.com.au
    2:43
  • Another Melbourne council ditches January 26 as Australia Day

    Another Melbourne council ditches January 26 as Australia Day

    Seven News Logo
    Seven News
    0:31
UP NEXT
UP NEXT
Video provided by AAP

"I’m just not coping": Tziporah Malkah's emotional admission about PTSD.

  Former model Tziporah Malkah has spoken about her struggle with post-traumatic stress disorder on I’m a Celebrity… Get Me Out of Here! In conversation with Australian Idol winner Casey Donovan, Malkah revealed her daily confrontations and arguments with other camp mates are a result of her vulnerability through her struggle with PTSD.“I’ve got a lot of defence mechanisms just because I have very complex PTSD issues,” Tziporah told Donovan, not elaborating on the cause of her battle or how long she has struggled for.“So I often come across as aggressive, when really I’m just being defensive.

Myer continues to battle poor consumer sentiment as sales fall and its recent retail investments sour.

Website Disabled.

Department store Myer has delivered a threadbare full-year profit of just $11.9 million as top-line sales slipped and the company was forced to take a knife to a number of investments.

The result was 80 per cent down on last year's profit, while underlying earnings — excluding one off gains and losses — of $67.9 million dropped 2 per cent and fell short of analyst expectations.

Sales revenue fell 1.4 per cent to $3.2 billion, however it was a number of impairment charges that really ravaged the bottom line.

Jennifer Hawkins, Myer ambassador © AAP Image/Julian Smith Jennifer Hawkins, Myer ambassador The recently acquired sass & bide fashion range again recorded disappointing sales and its book value was written down by $39 million.

Myer has also written off the entire value of its $6.8 million investment in Australia, which operated the Topshop chain and was put into administration in May.

The long, slow decline of Myer, in one agonising chart

  The long, slow decline of Myer, in one agonising chart Myer announced its annual results today, showing a fall in profit for the seventh year in a row. Sales were flat as Australia's biggest department store chain continued to work its way through a restructure. A short time ago, its shares were up around 2% to $0.735, after the results came within analyst expectations.When the retailer floated on the ASX in November 2009, the shares closed the first day of trade at $3.75.Here's how the share price has deteriorated: © Provided by Business Insider Inc In 2009, the issue price of $4.10 valued the company at $2.4 billion.At today's price of 73.

Myer 's net profit plunged 80 per cent to .9 million in 2017 - the weakest result since its 2009 initial public offer Same-store sales fell 0.2 per cent over the year, with same-store sales slipping a better than expected 0.2 per cent in the three months ending July after falling 2 per cent in the April quarter.

ONE MOMENT PLEASE . Click here if you are not redirected

Myer chief executive Richard Umbers said it was disappointing to have hit the target of beating last year's underlying earnings and that progress against key measures was slower than anticipated.

A Myer store is seen in Sydney. © AAP Image/Keri Megelus A Myer store is seen in Sydney. However he said a number of initiatives — such as store closures and investments in online sales — had made Myer leaner and a more efficient retailer.

"We have made significant progress to deliver New Myer, which as assisted the company to withstand the challenging retail trading conditions characterised by heightened competition, subdues consumer sentiment and discount fatigue," he said.

Department stores have been the most brutalised sector within retail by tumbling consumer sentiment with ABS figures showing sales having fallen in 11 of the past 13 months.

Is there a “Down, Down” clearance strategy happening at Myer, despite shopper “discount fatigue”? .
Department store Myer says an 80% drop in its net profit this year was partly due to “discount fatigue”, but a new approach to clearing stock might indicate the retailer is chasing a brand new breed of shoppers after being forced to <g class="gr_ gr_4 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling ins-del" data-gr-id="4" id="4">re-calibrate</g> its plans for high-end concession pop-ups.&nbsp;The retailer reported a net profit of $67.4 million on Thursday, which, after implementation costs and significant items, comes down to $11.9 million.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!