Margins are thin and once inflation is taken into account, sales dropped by several percentage points (about 7pc) in FY 24, even if the closure of the Brisbane City and Frankston stores is taken into consideration.
However despite consumers being gloomy given multiple interest rate rises and slow wages and salaries growth, MYR still turned in a net profit, albeit $50 million is small when total sales were $3.26 billion. This is creditable in the current depressed environment.
It'll be interesting to see if MYR declines to pay a dividend. That may well be the case.
My knowledge of the three brands that underperformed is minimal. MYR under Ms Wirth has said it won't be selling these, after earlier under Mr John King saying it will.
I bet competitor PE-owned David Jones is making a loss.
People always get nervous when 'strategic reviews' are announced so what will come of this?
Labor's IR changes that start on 26 August 2024 are unhelpful to retailers employing casuals for Christmas.
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