Myer is out with another profit shocker today and the shares have crashed 8% at the open:
Myer’s net profit fell for the fourth consecutive year, declining 22.6 per cent to $98.5 million in 2014 as margins were squeezed by weak sales and rising labour, depreciation and refurbishment costs.
Sales for the 12 months ending July slipped 0.6 per cent to $3.14 billion, crimped by the closure of two stores and refurbishments at four major stores as well as subdued consumer sentiment and unusually warm weather earlier this year.
