Department store retailer Myer (ASX:MYR) impressed the share market last week with a flat profit result, rather than an expected profit fall.
Chief executive Bernie Brookes says the result shows domestic retailers have moved past simple cost-cutting to woo customers, and are quickly adapting to the challenges of online and foreign competitors.
The strategy centres on dramatically improving the customers’ in -store experience , something that can’t be bought online.
In an interview Mr Brookes said he realised 18 months ago, that Myer would disappear if it continued to just cut costs.
For the period to January 26, Myer turned in an $89 million net profit.
MYR Price at posting:
$3.10 Sentiment: None Disclosure: Held
