Myer Holdings Ltd (MYR) Shares Rise As Sales Fall
The Myer Holdings Ltd (ASX: MYR) share price rose 6% this morning after releasing its third quarter (Q3) sales update for the 13 weeks to 28 April 2018.
Myer is the department store that sells high-end products across various categories like clothes, makeup and home furnishings.
Myer reported that total sales were down 2.7% to $635.3 million for the quarter and same-store sales decreased by 3.1%. However, online sales increased by 49.4% to $35.9 million.
Executive Chairman Garry Hounsell said: “In February, we announced a renewed focus on product, price and customer service, which delivered encouraging results during March.”
For the financial year to date, Myer has achieved sales of $2.35 billion, which is a 3.4% decline.
Mr Hounsell continued: “However, as reported by a number of other retailers, the unseasonably warm start to winter has impacted sales, particularly in winter apparel, shoes and accessories, which may impact profit in the fourth quarter.”
The continued strong performance in our online business is pleasing and we will continue to invest in growing this business. – Hounsell
The Myer share price has fallen by nearly 60% over the past year, according to Google Finance.
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