Myer reports lower first-half net income

03/10/2010 | Bloomberg

Myer Holdings, the largest department store chain in Australia, said income fell from A$83.2 million in the first half of the previous year to A$21.3 million in the six months to Jan. 23. "Lower sales guidance is pragmatic given the challenges in cycling fiscal stimulus," said Citibank analyst Craig Woolford. "We see value at current levels given the potential for further margin expansion and new store openings over the next three years."

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