Struggling department store Myer has swung to a $172 million loss for the past financial year after the retailer was forced to write down the value of its brand names after being battered by the COVID19 crisis.
Struggling department store Myer has swung to a $172 million loss for the past financial year after the retailer was forced to write down the value of its brand names after being battered by the COVID-19 crisis.
Excluding these significant items, Myer reported a net loss after tax of $11.3 million. Revenue for the retailer also fell, down 15.8 per cent to $2.52 billion.Online sales were a bright spot for the retailer, coming in at $422.5 million for the full year and comprising 17 per cent of total sales. This marks a 61.1 per cent increase on the prior year.
"For the majority of the second half, there was substantially reduced traffic to physical stores, particularly to those located in CBD locations," he said. The department store received $93 million in JobKeeper subsidies for its 10,000 staff which were stood down during store closures. A total of $41 million of that was paid to staff whose remuneration was lower than the required threshold.
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