8 September 2019
The Weekly

Myer has flagged up to $20mn in rent savings from landlords over the next two years as it follows rival David Jones in trying to extract itself from underperforming leases. Myer has closed 29,000m2 of floor space since July 2018 and said it was in discussions with landlords to shed a further 5% to 10% of its network - between 50,000m2 and 100,000m2 of space.

Myer would focus on creating smaller, more efficient stores. David Jones has also flagged a "more aggressive" approach in negotiations with landlords, aiming to reduce floor space 20% by 2026. Myer posted a profit of $24.5mn for the year ended 30 June, 2019, following a loss of $486mn in FY18, by reducing costs and improving efficiencies. However, total sales were down 3.5% to $2.99bn and comparable store sales decreased 1.3% excluding sales in Apple products, after exiting the partnership in May. The online business has now become Myer’s largest store, with sales up 25.6% to $262.3mn. Digital sales (online sales and sales via in-store iPads) were up 21.9% to $292.1mn, now representing 9.8% of total sales.

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