Australian department store Myer suffers 26% profit drop due to underperforming brands, plans revitalization and potential acquisitions.
Myer, an Australian department store, reported a 26% profit drop to $52.6 million, primarily due to underperforming brands sass & bide, Marcs, and David Lawrence. Despite a 0.4% increase in comparable sales, total sales fell by 2.9%. New CEO Olivia Wirth plans to revitalize these brands and is exploring the acquisition of several clothing labels from Premier Investments. Myer is also conducting a strategic review to enhance profitability and shareholder returns.
September 20, 2024
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