Myer’s Brand New Plan as In-house Labels Collar Profit

Myer has pledged to reach within and invest in underperforming private brands as it meets a “challenging macroeconomic environment” in which profits have dropped more than a quarter. The 124-year-old retailer’s 2023/24 results released on Sep. 20 show total profit after tax fell 26 percent to $52.6 million (US$35.8 million) from $71.1 million (US$48.4 million) the previous year.  More than half the total loss was blamed on the “underperformance” of Myer-owned sass & bide, Marcs and David Lawrence, brands it had planned to sell but now hopes to turn around.  While comparable sales growth on 2022/23 was up 0.4 percent, total sales were down 2.9 percent as a result of shuttering department stores in Victoria and Queensland....