Department store giant Myer has reported a sharp drop in half-year profits as it recorded a net profit of AU$30 million for the six months ending Dec. 31, marking a 40% decrease compared to the previous period.

Myer faces profit decline

Myer has attributed the decline to cautious consumer spending and challenges in its business restructuring. Despite this, total revenue remained steady at AU$1.83 billion, News AU reported.

The store mentioned difficult economic conditions and operational issues at its new Ravenhall National Distribution Centre in Victoria as key factors behind the profit decline.

"The NDC went live in August 2024, however, the site has experienced........

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