Australia's Myer's profit slumps; shares tank on bleak outlook
Australian department store owner Myer on Wednesday posted lower interim earnings, citing logistical challenges at a distribution centre in Victoria and strategic review costs, while painting a gloomy outlook due to weak economic conditions. The firm, which finalised the purchase of the apparel brands portfolio from rival Premier Investments in January, said the sales for the first five weeks in the second half of the fiscal year were already down by 2.6%. Total sales at the retailer were A$1.83 billion ($1.16 billion), with comparable sales up just a touch below 1%.