Myer’s Brand New Plan as In-house Labels Collar Profit

People can be seen in front of the Myers store in the city of Melbourne, Australia, on Oct. 27, 2023. Susan Mortimer/The Epoch Times

Myer has pledged to reach within and invest in underperforming private brands as it meets a “challenging macroeconomic environment” in which profits have dropped more than a quarter.

The 124-year-old retailer’s 2023/24 results released on Sep. 20 show total profit after tax fell 26 percent to $52.6 million (US$35.8 million) from $71.1 million (US$48.4 million) the previous year.