Myer blames weak consumer confidence for sales slowdown

Australian department‑store chain Myer reported full‑year sales of about $4 billion, a modest 0.3 % rise on a like‑for‑like basis, but highlighted a sharp decline in the second half of the fiscal year with monthly sales falling more than 5 % year‑on‑year. Executive chair Olivia Wirth said the downturn was driven by a “material downturn in consumer sentiment,” citing higher interest rates, rising fuel prices linked to the Middle‑East conflict, slower household income growth and a warmer‑than‑average winter that affected spending.

Myer noted that despite increased promotional activity, the measures were insufficient to offset weak underlying consumer spending. The retailer remained cautiously optimistic, stating that its strategic actions were strengthening its competitive position and long‑term shareholder value.