Sales at Myer have shrunk again

Daniel Pockett/Getty Images for the VRC

The latest quarterly numbers for Myer show sales have dipped again at the department store chain.

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%.

The latest numbers continue the slide for Myer. In September the company posted a 1.4% drop in sales to $3.2 billion, down 0.2% on a comparable store basis, for the full year.

The Myer board of directors is also under attack from billionaire retailer Solomon Lew, who has a 10.77% holding in the business.

Lew is agitating for a change in directors as the turnaround plan at Myer takes longer than expected. Lew says the New Myer strategy hasn’t made progress against any of its objectives after two years.

CEO Richard Umbers says the first quarter numbers reflect “challenging” retail conditions with heightened competition and subdued consumer sentiment.

Myer’s online business recorded sales growth of 67.8% on the same three months last year.

Omni-channel sales, which includes sales via 2,500 in-store iPads, totalled $48.4 million.

Click and Collect grew strongly to now represent 22.1% of orders.

“Myer remains focused on the upcoming and more significant trading periods of Spring Racing and Christmas,” says Umbers.

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