Myer’s big clear-out of its brand stable this spring pushed its comparable store sales almost 4 percent higher in the first quarter.
The department store chain’s overall revenue rose 3.4 per cent to AUD714.8 million (USD515.5m) in the three months to 24 October, supporting the company’s full-year profit guidance of between AUD64 million and AUD72 million.
Culling older, underperforming brands, Myer has added 300 new brands since July, including Seed Woman, French Connection and Nine West.
(Source: The Sydney Morning Herald Online )