The chances of Australia’s competing department store chains Myer and David Jones merging any time soon is less likely following an unexpected six-month rise in revenue at DJs and a dip in profits at Myer.
At Myer, interim net profit fell 8.1 per cent to $80.8 million as it was hit by higher rents, labour costs, store refurbishment and depreciation while at DJs a turnaround in online sales, which jumped 150 per cent, helped quell suggestions that a merger was in the wind for the retail giants, despite a 4.6 per cent decline in DJ’s profit during the six months to January 25 from $73.53 million to $70.1 million.
During the same period, DJs revenue jumped from $1.004 billion during the first half of the previous year to $1.042 billion, a stronger than expected retail leap of 3.8 per cent underpinned by reduced costs, a 2.1 per cent growth in store sales and a 150 per cent rise in online sales.
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