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Big discounting and store closures hit Myer’s bottom line

Carrie LaFrenz
Carrie LaFrenzSenior reporter

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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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    Original URL: https://www.afr.com/companies/retail/myer-drops-after-house-fashion-brands-hit-profits-20240808-p5k0o5