Myer pays penalty for profit slump

A MYER spokeswoman says the company has no immediate plans to cease Sunday trading at its Orange store.

However, the spokeswoman, from Myer’s head office in Melbourne, said, as employees’ Sunday penalty rates increased, the retailer would be forced to reassess its costs.

“We’ll have to see if it’s economically viable to open some stores on Sundays,” she said.

The spokeswoman said the company would look at ways to curb rising costs, including reducing weekend trading hours, although changes may not be phased in for a number of years.

“Everything will be done on a case-by-case basis,” she said.

Myer’s response follows news the retailer’s annual earnings have dropped by 14.3 per cent as it battles high costs and a decline in sales.

Myer’s profit for the year to June 30 slumped to $139.3 million, excluding one-off items, and sales eased by 1.3 per cent to $3.1 billion. 

Myer Orange would not comment on future trading hours at the store.

tracey.prisk@ruralpress.com

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