02
Oct
Oct
Myer Profits Up 27%
Retailer Myer Group has reported a 2008 net profit of $93.6 million, up from $73.4 million in 2007. An increase of 27% over the prior year.
Total sales were slightly up from $3.29 billion to $3.32 billion, whilst sales revenue at $2.94 billion was slightly down from $3.00 billion.
Myer management expect tough market conditions to continue as shopping is effected by tighter consumer sentiment for the 2009 year profit and expect profits to be flat and similar to the 2008 result. They also expect their longer term outlook to be even better with earnings before interest and tax of seven cents in the dollar by mid 2010.
