Myer suffers $172.4MILLION losses as department store’s sales take a massive hit
- Myer made a statutory net loss after tax of $172.4million in year to July 25, 2020
- The department store closed 60 outlets in March as COVID-19 pandemic struck
Myer has suffered a $172.4million loss as the coronavirus pandemic crippled the department store.
Total sales fell by almost 16 per cent in the year to July 25.
Myer chief executive John King confirmed his Australian Securities Exchange-listed company received $93million worth of $1,500 a fortnight JobKeeper wage subsidies from taxpayers.
In March, Myer closed its 60 stores and stood down 10,000 staff.
Online sales increased by 61 per cent as shoppers ordered more from the store while stuck at home in lockdown.
Myer has suffered $172.4million losses as the coronavirus pandemic takes its toll on the department store
More to come.