MYER FPO (Public, ASX:MYR) is up 6.5% in early morning trade after releasing first quarter results and full year guidance.
When down is up
Myer reported sales of $681.4 million, down 3.5 per cent compared to last year. On a like-for-like basis, sales were down 5.1 per cent compared to last year. Despite the poor sales, share traded higher as the results were inline with expectations and the market was pleased that Myer affirmed full year guidance.
Myer is continuing to build out their online offering.
As part of our focus on becoming a leading omni-channel retailer, the first phase of our website rebuild is underway with some improvements already implemented. Our online sales continue to grow with our customers responding well to our offer of free delivery on most merchandise. We anticipate delivering the next stage of improvements by March 2012.
Myer remains late, and not fashionably so, to the online sales party. Despite reaffirming full year guidance and a relatively cheap share price Myer retains it's position behind Harvey Norman Holdings Ltd. (ASX:HVN) in the Axis of Walking Dead.
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