Myer Holdings (ASX:MYR) reported group comparable sales that were in line with the prior corresponding period and total sales that fell 0.8% to AU$1.59 billion for the year to Dec. 28, 2024, according to a Monday filing with the Australian bourse.
Operating gross profit fell AU$15 million to AU$560 million, while earnings before interest and taxes were down AU$16 million to AU$48 million.
The department store chain operator said the temporary closure of Werribee for over nine months impacted total sales while challenging economic conditions, higher costs, and delays in the new National Distribution Center in Ravenhall weighed on its overall financial performance.
Meanwhile, shareholders on Jan. 23 will vote on the proposed combination of the Myer and Apparel Brands under the share sale and implementation agreement with Premier Investment.
Myer Holdings' shares tumbled over 17% in recent Monday trade.
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