Myer sales update shows weak YoY sales growth

Myer sales update shows weak YoY sales growth. Myer has just released a trading update for the 13 weeks to the 25 October. The release provides upbeat commentary on new branding initiatives and store openings, however, the market is focused on the weak sales growth. A 0.1% increases compared to the same period as last year highlights the challenges facing discretionary retailers in the current economic environment. Myer CEO Bernie Brooks has highlighted new in-store initiatives such as the roll out of in store iPads and a new corporate branding as key in helping the company build momentum through the Christmas period. The stock is trading down nearly 3% in the morning session. (VIEW LINK)