King told analysts on Thursday that the department store’s approach to selling goods in each category geared towards different budgets, referred to as the “good, better, best” strategy, was working in the current trading environment.
“We have customers who will trade up or trade down depending on their budget,” he said.
Despite this, it’s clear that trading conditions are becoming tougher for the 123-year-old department store, as consumer data shows households are cutting back on household goods and clothing spending to balance their budgets as they spend more on essentials.
The company said conditions deteriorated in the last quarter of the 2023 financial year, which resulted in total sales growth moderating to 0.4 per cent in the second half of 2023.
Myer also revealed on Thursday that its chief financial officer Nigel Chadwick will retire from his role in early 2024, with his deputy Matt Jackman to take the role from February of next year.
Myer declared a final dividend of 1 cent per share, fully franked to be paid on November 16, which is down on the 2.5 cents last year. It brings the full-year payout to 9 cents per share.
Myer shares were 2.9 per cent weaker just before midday to 61.2 cents.
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