Myer department store of Australia announced results for the year to end July 2016: sales were up 2.9% to A$3290 million although profits were down and EBIT went from A$111m to A$99m. According to management, this is explained by a shift towards a concession business reflecting customer demand but with lower gross margins. Thus the proportion of concessions was up 22% while exclusive brands fell by 7%. International own-bought brands still accounted for over 60% of sales. A new store was recently opened north of Sydney bringing the total to over 60 stores.

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Illustration 'Myer shifts strategy' (png - 0.25Mo)