Myer profits slashed by more than a quarter

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Myer profits slashed by more than a quarter

Department store Myer has pledged to reach within and invest in underperforming private brands as it meets a “challenging macroeconomic environment” in which profits have dropped more than a quarter.

The 124-year-old retailer’s 2023/24 results released on Friday show total profit after tax fell 26 per cent to $52.6 million from $71.1 million the previous year.

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