|
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
utilized 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 A$38.4 million ($27.20 million) for
the six months to Jan. 26, compared to a loss of A$476.2 million
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 centers as well as in city centers.
(Reporting by Melanie Burton; Editing by Muralikumar
Anantharaman and Shreejay Sinha)
[© 2019 Thomson Reuters. All rights
reserved.] Copyright 2019 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
