By Keri Algar

SYDNEY, NSW: A new store at Mackay is scheduled to open by November this year, according to a Myer report released yesterday. Another new store will grace Townsville by May 2012.

Both these locations are opening in established shopping centres, which according to Myer, has strong population growth, above average income levels for Queensland and no other existing department stores.

Yesterday Myer released negative profit results, with net profit after tax down 8.8 per cent and sales down 3.5 per cent, largely due to the impact of price deflation in the consumer electronics category, particularly, large screen flat panel TVs.

In light of this however, Myer said that the flow of product through distribution centres continues to improve meaning that the company is better able to respond to newness and customer preferences.

“During the first half of 2011 we have maintained shipping lead-times from Asia of 24 days despite moving much of the production to northern China,” said the report.

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“From August 2011, we will move to direct souring out of our two dedicated Global Sourcing Offices in Shanghai and Hong Kong.”

Myer’s new value-conscious online shopping site, myfind.com, is based from the Shanghai offices.