September 11, 2018 / 10:48 PM / 2 months ago

Australia's Myer clocks first ever annual loss since listing

Sept 12 (Reuters) - Australia’s biggest department store chain Myer Holdings Ltd on Wednesday posted its first ever annual loss since listing as it failed to win back customers amid heavy online competition.

The 118-year old retailer said net loss for the year ending July 28 came in at A$486 million ($345.84 million), compared with a profit of A$11.9 million last year.

Total sales for the year fell 3.2 percent to A$3.1 billion, the company said.

$1 = 1.4053 Australian dollars Reporting by Ambar Warrick in Bengaluru Editing by Chris Reese

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