Myer has posted a second consecutive annual loss, with the Australian department store operator reporting a statutory deficit of $276.5 million amid persistent cost-of-living pressures and a difficult retail market.
The company, which operates 56 stores across the country, said consumer sentiment had been affected by higher fuel prices linked to the conflict in the Middle East, three interest rate increases, slower household income growth and a weaker housing market.
Its loss for the 52 weeks to July 25 was wider than the $205 million deficit recorded in the previous year.
Excluding significant items, Myer recorded an underlying profit of $42.5 million, down by almost 3 per cent. Sales, including revenue from in-store concessions, rose 0.7 per cent on a comparable basis to $4 billion.
Executive chair Olivia Wirth said the result was in line with guidance issued in July, when Myer warned that global events were affecting sales during the second half of its financial year.
“While we remain cautious about the near-term consumer outlook, we believe that our strategic actions are strengthening the group’s competitive position,” Ms Wirth said.
Myer did not declare a final dividend for the period, after paying an interim dividend of 1.5 cents.
