By Dominic Powell and Emma Koehn.
A trading update from Myer has warned shareholders it is expecting a full year net profit after tax of between $66 million and $70 million, down from the prediction in May this figure would be higher than $69 million.
The department store confirmed that it was writing down the full $6.8 million carrying value of its 20% stake in the Australian franchise of Topshop and Topman, which collapsed into voluntary administration in May.
“Myer confirms it has been unable to secure a deal on acceptable commercial terms with UK based brand owner Arcadia Group to allow for the continuation of Topshop Topman concessions in Myer,” the company said in a statement.
Australian label sass & bide has also presented challenges for the retailer, with Myer saying despite all efforts to boost the performance of the brand, it predicts a $38.8 million impairment charge in FY17.
Amazon reveals first fulfilment site
Job ads for a new Amazon fulfilment centre ahead of its Australian launch have revealed the company’s first retail operations centre will likely be located near Melbourne in Dandenong South, reports Business Insider.
The company advertised for a number of roles throughout June, including a site safety manager and an operations manager, with the job ads referring to a “fulfilment centre” and saying “this will be a new site”.
“We’ll expect you to drive our Amazon EHS [employee health and safety] culture with the site leaders, and be instrumental in embedding Amazon EHS policies and processes and ensure compliance to all applicable local legislative obligations,” the ad reads.
Other distribution centres of companies like Aldi and Bunnings are also located in the Dandenong South region, and the company is advertising for an range of other roles, including product photography and a PR manager.
Mastercard wants to do away with the PIN
Australians could see alternate ways to confirm their purchases with Mastercard as early as next year, reports Business Insider with the company reportedly looking at different measures to remove the need for a PIN number.
“We’re working with a number of the major banks at the moment to pilot the contactless biometric card,” Mastercard Australasia president Richard Wormald told Business Insider.
The concept of a biometric card was something Mastercard let onto last April, rolling out trials of the product in Africa as a way to make contactless payments more secure.
The business is also looking at wearable rings which could allow contactless payment, along with facial recognition tools to let users validate online purchases just by taking a selfie.
“I think through the course of 2018, you will see launches in a number of these areas in Australia,” Wormald said.