Miller's Retail slides to loss of $102m

Miller's Retail, an Australian discount retailer that owns the Crazy Clark's chain, has reported a bigger second-half loss after writing down the value of unsold stock and closing unprofitable stores.

Miller's had a net loss of A$93.3 million ($102 million) in the six months to June 30, compared with a loss of A$16.6 million a year earlier.

Chief executive Gary Perlstein said the company was continuing to investigate selling more underperforming stores.

New Zealand retailer The Warehouse has said it is looking at options for its Australian "Yellow Sheds" with Miller's.

Asked about The Warehouse, Perlstein said: "Miller's is speaking to a number of parties about the underperforming stores."

The market would be kept informed as decisions were made.

Miller's second-half loss was calculated by subtracting first-half results from the company's full-year loss of A$103.4 million.

Perlstein has written off the Crazy Clark's and Go-Lo variety stores and discounted slow-moving inventory as he seeks to restore profitability.

- BLOOMBERG, STAFF REPORTER