The results of the chain of 58 Australian department stores exceeded forecasts in the first half of 2023-24. In the wake of this, its shares soared on the stock market.
Other latitudes, other consumer habits?
While department stores are suffering in Europe and the United States, Australian retailer Myer is happily surprising investors.
The publication of its sales figures for the first half of the year, which ended at the end of December, provided a small positive shock. Interim sales amounted to AUD 1.83 billion (approx. $1.2 billion). This represents only a very slight fall on the previous year, but above all “an increase of around 14% on pre-financial crisis levels“, Myer pointed out in a press release.
11-month stock market high
Analysts didn’t expect so much, and in the process, Myer shares soared by around 17.3% to A$0.78, their highest level for 11 months, on the day the results were released (Australian time), Tuesday February 6.
To continue reading this article, subscribe or log in to your account
Discover our plans
- Every day, keep up to date with the latest business news from the world of luxury.
- Receive the essential luxury business news by email every week
- Access all our events
- The Luxury Journals and Luxus Magazine in print and digital versions
Subscribe for 1€
Become an active member of the community of luxury leaders.
Read also > GERMANY: KADEWE ANNOUNCES INSOLVENCY PROCEEDINGS AND PAUL SMITH CLOSES STORES
Featured photo: Myer Melbourne © Myer
