Myer shares are taking a hit

Tim Robards (L), Jennifer Hawkins and Kris Smith (R) showcase designs during the Myer Fashion Runway in Melbourne. Jack Thomas/WireImage

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.

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