Australian retailer Myer Holdings has forecast an annual profit for fiscal 2021, compared with a loss it reported last year, helped by a surge in e-sales and benefits from government support schemes and rent waivers.
Australia’s Myer Holdings said on Friday it will shut all its stores for four weeks and temporarily shed 10,000 employees, as the spread of coronavirus leaves much of the country confined to their homes.
Australia’s Myer Holdings Ltd said fears about the coronavirus would likely drive traffic to its online store, after reporting a decline in profit for a half year when it stopped stocking low-margin products.
Australian department store operator Myer Holdings swung back to an annual profit on Thursday as its turnaround strategy of ditching low-margin brands and a series of cost cuts showed it was back on track.
The Australian arm of Karen Millen, the business that’s now owned by Boohoo, has been placed into administration. The move was widely expected and will mean the closure of all its stores and concessions there.
Debenhams is quietly withdrawing from physical retail in Australia with its only store in the country set to close early in 2020 as it also starts its UK closure programme. It will continue to sell online in Australia.