Myer Sales Are Growing But Bernie Brookes Is Still Cautious About Retail

Getty/Lisa Maree Williams

Is Myer about to turn a corner?

The department store retailer looks to be on track to deliver its first full year sales growth since listing in 2009 after posting 0.5% quarterly sales growth.

However, investors have stepped out of the stock amid warnings from CEO Bernie Brookes.

Shares in Myer fell more than 2.5% in morning trade.

Despite generating $652.5 million in the third quarter Brookes said he remains cautious about the outlook for retail trading.

The comments come following a slower start to the winter across many capital cities, leaving many retailers with excess stock and forcing Wesfarmers owned Target to cut its earnings expectations last week.

Given Myer’s latest quarterly report highlighted sustained growth in its clothing divisions in the Autumn period, management will be hoping the chilly season kicks into gear soon.

In the meantime Brookes said the company is focusing on its customer service and stores, online expansion, loyalty program enhancement and enhancing its product offering.

“Notwithstanding the external factors influencing consumer confidence and discretionary spend, we remain focused on executing our well-established five-point strategic plan,” he said.

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