Myer down 2.8 p.c.

Press, 9 April 1980, Page 21

Myer down 2.8 p.c.

NZPA Melbourne The Myer Emporium, Ltd, has reported a 2.8 per cent fall in profits to sAust22.7M for the six months to January 31. I; The group increased sales 110.8 per cent .’to $672.5M against strong competition. Tax for the six months totalled $20.3M, compared with $19.7M, in the previous first half when Myers Trading Stock Valuation tax benefit — since discontinued by the Federal Government — was S2.IM.

Last year’s profit and tax figures have been adjusted because Myers have introduced new accounting policies after the loss of the Trading • Stock Valuation Adjustment. .An unchanged interim dividend of 5c a share will be paid. Extraordinary items of profit totalled $440,000 ($277,000).

Target discount stores, and Target supermarkets increased sales 15.3 per cent and 19.5 per cent lyMyer department stores increased sales 8.4 per cent, despite generally restrained consumer spending, and the depressed economy in South Australia. Rental income from My.erowned shopping centres increased 12.4 per cent. The directors said during the annual general meeting last December that they had stated a reappraisal of all group activities, which had shown the need to strengthen , various areas . before there could be a return to profitable growth. Good progress was made in the six months to the end of January. However, the result for the full year to July 31 depended on gaining more substantial sales increases, the directors said.