Business
‘Deterioration’: Myer profits tumble 800% in ‘tough’ conditions – Yahoo Finance Australia
Myer chief John King said closing stores was the hardest decision the retail giant has made in 120 years.
Myer has posted a statutory net loss after tax of $172.4 million for the 2020 full year, a decline of more than 800 per cent on last years $24.5 million statutory profit.
The retail giant recorded a net loss after tax of $11.3 million, or a 140 per cent decline on 2019s profit of $33.2 million, with Myer choosing to continue to suspend dividend payments.
The corporate earnings report revealed total sales were down nearly 16 per cent as a result of widespread store closures, with chief executiv…
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