Big discounting and store closures hit Myer’s bottom line

Hefty discounting at Myer’s fashion brands and lower spending across its department stores are weighing on profits, the Solomon Lew-backed retailer has warned, with sales down almost 3 per cent to $3.27 billion in the last financial year.

The warning to investors, ahead of the release of Myer’s financial results next month, comes amid a broader sluggishness among retailers.