Retail in Asia

In Sectors

Myer downgrades profit forecast

Myer’s third quarter sales have fallen and the Australian department store chain has downgraded its forecast for full year net profit.

Myer on Wednesday said total sales in the 13 weeks to 28 April were AUD651.1 million (USD635.2m), down 0.9 percent from the same period in the previous year.

Like-for-like sales in the period to 28 April were down 2.1 percent on the previous corresponding period.