Myer sales up 1% as they report a slight improvement in first quarter sales
Myer announced Q1 2013 sales for the thirteen weeks to 27 October of $688 million today, up 1 percent compared to last Q1 year.
On a store for store sales basis, sales rose 0.8%.
Menswear, Womenswear, Cosmetics and Childrenswear were the strongest performers during the quarter, while the best performing states were Western Australia and Queensland.
Myer Chief, Bernie Brookes, said that while trading continued to be difficult, the high street benefited from a modest improvement in consumer sentiment, helped by the interest rate cut.
“While we welcomed the October interest rate cut there are a myriad of factors currently in the mix and influencing discretionary spend, so we continue to be cautious about the trading environment.”
Brookes also alluded to the “continued progress in executing our five-point strategic plan” from improving customer service, to building “a leading omni-channel offer and optimise our store network.”
Last month, Myer roled out the MYER one loyalty iPhone app, and a ‘pay with points’ initiative with CBA which was “an Australian department store first” – where 1.3 million CBA Awards members can redeem points on Myer purchases.
Brookes said Myer “are looking forward to our busiest time of year during the Christmas and Stocktake trading period.”
“We are making good progress on improving our website and there remains a strong pipeline of future improvements,” he added.
Myer opened two new stores during the past six weeks in Fountain Gate (Victoria) and Townsville (Queensland) both of which are trading well, it said today.