Myer’s net profit tumbles as labour, marketing costs increase
Inside Retail
MARCH 18, 2025
Myer’s net profit declined 18 per cent to $42 million in the first half, reflecting what the company described as an increase in the cost of doing business. The department store chain noted incurring higher employee costs, higher support office costs related to a new marketing agency and a separate investment in transformation capabilities. Sales remained flat at $1.83 billion, attributed to mixed trading conditions, store closures, and Myer Exclusive Brands stock trapped at its national d
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