Highlights

Good Articles to Share

Author: Tan KW   |   Latest post: Mon, 14 Oct 2019, 6:09 PM

 

Australia’s Myer department stores says to stop selling Apple products

Author:   |    Publish date:


MELBOURNE: Australia's largest department store operator Myer will stop selling "unprofitable" Apple Inc products as part of its drive to focus on higher-margin items, Myer Holdings said on March 22. 
 
Apple Inc is facing weak demand for its iPhone, which has come under fire for being too expensive. Demand has notably fallen in the world's biggest smartphone market China, partly as a result of the trade dispute with the United States. 
 
The decision, which will apply to the 16 department stores that stocked Apple products as well as online sales, comes as the department store operator restructures to better compete with online retailers. 
 
Myer, which was founded on the back of the country's gold rush more than a century ago, is cutting costs and boosting its online presence which allowed it to swing into a modest first half profit in January. 
 
"Myer has made it clear that it will not chase unprofitable sales and has made this decision as we could not reach acceptable commercial terms that were in the best interests of the company and shareholders," a spokesman said in an emailed comment to Reuters. 
 
"This decision is also about ensuring space in our stores is utilised in the most productive and effective way for the company. We thank Apple for the positive partnership we have had over many years." 
 
Myer's net profit came in at Aus$38.4mil for the six months to Jan 26, compared to a loss of Aus$476.2mil for the same period a year earlier. 
 
Myer has 61 stores, mostly across the eastern part of the country. Stores are usually in areas of high foot traffic in major metropolitan shopping centres as well as in city centres. 
 
 - Reuters 
Share this

  Be the first to like this.
 


 

389  353  519  737 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 NETX 0.025+0.005 
 GPACKET-WB 0.315+0.02 
 ARMADA 0.415+0.03 
 SAPNRG 0.265-0.005 
 ISTONE 0.225+0.03 
 HSI-C7F 0.3150.00 
 ANZO 0.0250.00 
 AME 1.55+0.27 
 HSI-H8B 0.245-0.03 
 OPCOM 0.815+0.04 

TOP ARTICLES

1. Thank you for your recommendations - Koon Yew Yin Koon Yew Yin's Blog
2. Budget 2020: Bandar Malaysia project in Sungai Besi will proceed save malaysia!!!
3. Dayang: My Rule for selling - Koon Yew Yin Koon Yew Yin's Blog
4. [TheStar] The Signing Ceremony of Bandar Malaysia will be held on next week after Budget 2020. KL Glory Fury
5. BUDGET 2020: THE PRIME BENEFICIARY IN SMALL CAP SPACE smartinvestment2030
6. MTAG - Higher TP - “Overweight” Call from Affin Hwang Capital Research on Electronics Manufacturing Services Stock Pick
7. Budget 2020 - Plantation - Major Beneficiary !!! Investhor's Mighty Hammer of Wisdom
8. AirAsia Group Bhd: A relook into AirAisa Group from Profitability, Volume Spread Analysis and what’s Insiders Report are telling they are doing Now ? TradeVSA - Case Study
Partners & Brokers