Myer gets by with a little help
The department store has returned a half-year profit – with some help… The $67 million in JobKeeper payments from the government and rent waivers – as well as strong online sales – saw its profit increase 8.4% to $42.9 million, offsetting the impact of the pandemic. Myer boss John King defended the company’s reliance on government support, saying it would have found other ways to cut costs and stay afloat had JobKeeper not existed. “The gross profit came from selling products, not necessarily from government aid,” he said. Myer’s major shareholder Solomon Lew continues to pressure the company over its poor performance and has renewed calls for King and the board to go. King yesterday said he has no intention of resigning.
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