Big discounting and store closures hit Myer’s bottom line
Carrie LaFrenzSenior reporter
Hefty discounting at Myer’s fashion brands and lower spending across its department stores are weighing on profits, the Solomon Lew-backed retailer has warned, with sales down almost 3 per cent to $3.27 billion in the last financial year.
The warning to investors, ahead of the release of Myer’s financial results next month, comes amid a broader sluggishness among retailers.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
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