Shares in Myer went on a slide after the department store announced weaker first quarter sales numbers.
A short time ago, they were down 4.5% to $0.73.
In the 13 weeks to Saturday, October 28, Myer record a 2.8% drop in sales to $699 million. On a comparable store basis, sales were down 2.1%. Sales per square metre were up 3.6%.
At an investor briefing, Myer says it has redone the numbers on its turnaround strategy two years into a five-year transformation program.
The company says it needs to stay relevant in a “highly competitive and rapidly changing retail environment” and in the face of rapidly changing customer behaviour.