Shoppers cut spending as Myer profits sink despite stronger revenue
Myer's full-year loss widened to $276.5 million from $204.4 million despite sales climbing 11.3% to $4.1 billion.
Department store chain Myer reported a bigger loss for the year to July, blaming cost-of-living squeeze, higher fuel prices from the Middle East conflict and three interest rate rises. Sales grew 11.3% to $4.1 billion, lifted by women's fashion (up 4.7%), homewares (up 5.6%) and kids ranges (up 4.6%).
Myer's underlying profit fell 2.9% to $42.5 million. A $279.6 million one-off charge for goodwill and store impairments pushed the bottom line into heavy loss.
Some subsidiary brands like Portmans fell more than 10%, while Just Jeans rose 6%. Myer said trading swung wildly month to month, and a warmer winter hit clothing sales hard.
The company increased promotional activity to boost sales but weak consumer spending outweighed those efforts.
- $276.5 million
- Full-year loss
- $4.1 billion
- Total sales
- $279.6 million
- Impairment charge
- $42.5 million
- Underlying profit
Why it mattersShows major retailers struggling as shoppers cut discretionary spending when interest rates and inflation squeeze household budgets.
AustraliaMyer's troubles signal tougher trading ahead for Australian retail and reflect how stretched household budgets are becoming under cost-of-living pressure.
✓ Claims checked against the source. checked 2 d ago
