Myer is… quite profitable
That’s thanks to a strong Christmas period which has ho ho ho’d the department store to its best profit result since 2014. Reporting on its earnings for the 6 months to the end of January, the company says its profit has hit $65 million – more than doubling its result from last year. It hasn’t always been this way – in 2018, it made a loss of almost $500 million. But a management shakeup, a new strategy, and the return of shoppers after COVID lockdowns have improved performance. And CEO John King says there’s a focus on improving the online shopping offer, but whether customers come IRL or virtually, “we’re fine either way.” Also feeling confident is Kmart, which is taking its Anko own-brand product range to Canada. It’s not opening stores but will wholesale the products to established retailers. Those well-priced decorator pieces were always too good to just stay in Oz…
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