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
