Myer Holdings Braces for Lower Profits Amidst Tough Retail Climate

Myer Holdings Limited (AU:MYR) has released an update.

Myer Holdings Limited reports a slight increase in group comparable sales by 0.4% and a 2.0% rise in online sales for the fiscal year 2024, despite overall sales dropping by 2.9% due to store closures and a challenging retail environment. The company anticipates a net profit after tax of $50m to $54m, impacted by the underperformance of key brands and inflationary costs. Executive Chair Olivia Wirth emphasizes the company’s resilience and focus on operational optimization, including a strategic review aimed at future growth.

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