September 4, 2019 / 10:43 PM / 3 months ago

Australia's Myer swings back to an annual profit

Sept 5 (Reuters) - Australian department store operator Myer Holdings swung back to an annual profit on Thursday supported by its turnaround strategy that has seen costs cut and low-margin brands let go.

Profit for the 119-year-old firm was A$24.5 million ($16.55 million) for the year ended July 27, compared with a loss of A$486 million a year earlier. The result was below a forecast of A$31.8 million profit, according to Refinitiv data. ($1 = 1.4806 Australian dollars) (Reporting by Nikhil Kurian Nainan in Bengaluru Editing by Chris Reese)

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