Coles Myer considers split
Coles Myer is looking at selling off of its underperforming Myer department stores.
The company has reported a 13 per cent rise in annual sales to almost $37 billion.
Coles is selling its Megamart electrical and has confirmed it is considering Myer's future.
Despite the increased liquor, food and petrol sales, Coles Myer chief executive John Fletcher described a slower quarter for retail stores Myer and Megamart.
"Myer has had what I would call the triple play, which is a softening in discretionary spend, a late start to winter and the removal of the shareholder discount," he said.
"Megamart unfortunately didn't respond well enough to the new customer offer and we've decided to divest all nine stores."
Managing director of Myer, Dawn Robertson, says she is optimistic about the review.
"The process is first of all, is not about ditching an important part of the company," she said.
"The business is ongoing, it's business as usual, it is not going to during this process affect the consumers, affect the customers
"I've spoken to all of our staff this morning and actually they are quite encouraged and quite excited about what the opportunities are to build such a great company."
The first Myer store opened in the Victorian goldfields more than a century ago.