Myer reports healthy Q1 sales growth

Myer reports healthy Q1 sales growth

Myer (ASX:MYR) said its Q1 sales grew 5.2% year-on-year to $717.1 million, on strong apparel and cosmetic sales.

The company said sales growth on a like-for-like basis was 4.5%, when incorporating sales growth from newly refurbished stores.

New South Wales/ACT and Victoria/Tasmania performed the most strongly, Myer said, with the states’ contributions leaving the company on track to achieve its growth forecast of 3% revenue growth for the whole of FY10.

Myer CEO Bernie Brooks said he was confident that the all-important Christmas sales period would stimulate more spending this year than in recession-laden FY09.

“Consumer sentiment is stronger than this time last year,” he said.

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