6 November 2019
The Weekly

Myer on Friday opened the doors to a refurbished homewares and electronics department in its Sydney CBD store. The new floor contains 20 shop-in-shop concepts from leading brands, including Scanpan, Le Creuset, Delonghi, Breville, Riedel, Fissler, Salt & Pepper, Maxwell & Williams, and Coles & Mason, as well as the world’s largest shop-in-shop from Dyson. The new offering comes as the department store retailer sheds “unprofitable” brands, such as Apple, which it stopped selling in May, as part of a broader turnaround. The department store managed to pull back a modest improvement during FY19. despite shifting consumer behaviour. While total sales fell 3.5% to $2.99bn, and comparable sales fell 2.9%, the business managed to reduce its expenses by roughly $33mn over the year in rent and wages. This focus on more profitable sales led to a net profit after tax of $33.2mn; 2.2% up on the year prior.