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Forrest Chase is one of six Myer stores in Western Australia. Photo: Attila Csaszar

Perth stores safe, for now, as Myer cuts back

Myer's six Perth stores appear to have escaped the chop, with the retailer instead closing an additional three interstate stores as it struggles to turn around sluggish sales amid weak consumer spending and growing industry competition.

The department store giant on Thursday said it would not renew leases at Colonnades in South Australia, Belconnen in the ACT, and Hornsby in Sydney's north, as it announced a 1.9 per cent drop in underlying profit to $67.9 million and a 2.67 per cent fall in total sales to $3.2 billion for the year.

The retailer made just $11.94 million in statutory net profit for the 52 weeks to July 29, down 80.3 per cent on the previous 53-week year, blaming a $13.9 million cost hit and significant items of $42.1 million.

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Myer (MYR)

Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 31/08/17

1 year TSR5 year TSR
653rdMyer-44%-12%
717 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Revenue

th-Myer$2,641.8m
76 listed non wa companies ranked by revenue.
Source: Morningstar

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