Peace breaks out on Myer’s board with key leadership changes
A statement to the ASX on Monday revealed major changes to the board, including a new chairperson and two board nominees for the annual general meeting (AGM) on November 9.
Read MoreTag: MYR
Myer reports mixed financial year results
Myer (ASX:MYR) met its early August guidance for its July 2022-23 financial year with solid earnings growth but experienced a weak start to 2023-24.
Read MoreMyer upgrades profit expectations for FY2023 amid strong sales growth
In its latest trading update, Australian department store chain Myer (ASX:MYR) has raised its profit expectations by an impressive 15 to 21 per cent for the financial year 2023. The updated profit forecast now ranges between $69 million and $73 million, reflecting the company's robust performance in the current financial year.
Read MoreCorporate Chatter: MYR, ELD
Contrarily unexpected news in the boardrooms of Myer and Elders on Monday, with one losing and the other retaining its CEO.
Read MoreMyer Goes Straight to the Top of the 1H23 Retail Class
Myer delivered on Thursday what was arguably the best result from the retailing sector for the first half of the 2022-23 financial year, more than doubling net profit to $65 million.
Read MoreMyer Registers Best Sales Figures in Years
Myer has joined the list of retailers that did better than expected in the December half – surprising investors yesterday with its strongest sales figures for years.
Read MoreMyer Spruiking the Good Times to Roll
Retailer Myer Holdings met its full year 2022 guidance, paid its highest dividend to shareholders in six years, and says it has posted its best sales start to a new financial year since 2006.
Read MoreBond Street Bites: APRA, WOW, MYR
Two notable retirements in the local business world yesterday with the chairmen of both APRA and Woolworths hanging up the gold pen, while Myer upgraded its earnings forecasts.
Read MoreMyer Set to Pay First Dividend in Five Years
Department store operator Myer will pay shareholders a dividend for the first time in five years despite the company’s profits falling by 25% through the first half of the financial year.
Read MoreMyer Joins the Queue of Struggling Retailers
Myer has become the latest retailer to warn of the damage done to earnings from last year’s lockdowns and the sudden advance of the omicron variant of Covid in December through January.
Read MoreMyer Continues Comeback with Refinancing
More signs of the renewal of department store group Myer Holdings (ASX: MYR), which on Monday revealed a major new refinancing of its debt with much easier terms.
Read MoreMyer Shares Hit 2-Year High on Strong Result
Myer shares closed at their highest level since September 2019 after riding a 28% surge in online business to report a $51 million profit for FY2021, its best result in the past four years.
Read MoreGood Tidings from Myer, Downer and GrainCorp
Traders on the ASX were served up a trio of upbeat reports on Thursday from retailer Myer Group, engineering and services contractor Downer EDI, and grain handler Grain Corp.
Read MoreLew Back Stirring the Pot at Myer
Solomon Lew’s Premier Investments has confirmed that after doing nothing for four years, it has acquired more shares in struggling department store chain Myer.
Read MoreKickbacks Curtail Myer Loss
Without the millions in JobKeeper subsidies and rent waivers from landlords, Myer would have been on the brink of something more damaging than just a loss for the six months to the end of January.
Read MoreEmbattled David Jones Accelerates Store Closures
While department store operator, Myer is re-opening most of its stores this week, and yet rival David Jones is looking to close many of its 48 outlets across the country. It’s not that Myer is a financial or sales success story, far from it but judging from the trading update yesterday in South Africa from parent, Woolworths Holdings, David Jones’s is slip-sliding its way deeper into trouble.
Read MoreMyer Extends Store Closures To Mid-May
Myer, the department store chain, has joined Premier Investments, its biggest shareholder, in delaying the re-opening of its stores until mid-May.
Read MoreMore Retail Pain As Myer Leads Slew Of Shutdowns
More retailers have closed their doors to limit the impact of the COVID-19 virus. Myer is standing down 10,000 staff straight away, Kathmandu is closing 170 outlets while South African controlled – David Jones is shutting 280 of its fashion brand stores including Country Road, Witchery, Mimco, and Politix.
Read MoreVirus Havoc: Myer Slumps, Nine & Bluescope Drop Guidance, Afterpay Under Siege
Shares in troubled department store Myer plunged by more the 44% yesterday for no apparent reason.
Read MoreMyer Struggles To Find A Real Growth Strategy
The retailer reported a 37% slide in first-half profit, thanks to more restructuring costs, redundancies and the loss of two major branded product lines in Apple and Country Road. There’s again no dividend to encourage shareholders.
Read MoreMyer Shrinks To Greatness
A big day for struggling department store chain, Myer with the shares seeing their best day for months, jumping more than 10% at one stage after its 2018-19 results showed it had seemingly steadied a sinking ship.
Read MoreMyer Rethinks Store Closures
Myer has altered one of its planned store closures with the news yesterday says it will keep its department store in Canberra’s Belconnen region but in a smaller format.
Read MoreMYR – Deutsche Bank rates the stock as Upgrade to Hold from Sell
Deutsche Bank found some positive signs in the Myer first half result. Operating costs declined and sales trends improved.
Read MoreMyer Back In The Black As Sales Decline Slows
No dividend from Myer, the struggling department store chain as it returned to the black in the six months to January, but the shares rose strongly yesterday.
Read MoreMyer Board Survives Bruising AGM
Another Myer annual meeting, another bunfight between agitated investors led by Solomon Lew and his Premier Investments and a defiant board.
Read MoreMyer Completes Refinancing Ahead Of AGM Brawl
Myer claims it has had a vote of confidence in its future from its lenders after the retailer announced it has completed the refinancing of its bank credit facility.
Read MoreShowdown Looms At Myer AGM
The June 30 annual meeting festival ends wraps up this week but the biggest event of the season – the shareholder meeting in Melbourne for embattled department store chain, Myer Holdings – will be for a July balancing retailer.
Read MoreMyer Shares Sink After Forced Admission Of Weak Sales
The market has finally caught up with department store chain Myer Holdings and given the shares a passing whack after last week’s confusion and obfuscation.
Read MoreSolomon Lew Shakes The Myer Tree Again
Eight months after getting publicity for requesting the share register of Myer Holdings, the struggling department store chain, Solomon Lew and his Premier Investments are at it again.
Read MoreShort Covering Sends Myer Surging
Myer shares leapt 37% yesterday as investors digested the losses for the 2017-18 financial year.
Read MoreEmbattled Myer Confirms Dismal Result
No dividend, more write-downs, sales fell, earnings weakened. All in all the 2017-18 results from Myer seemed a case of situation normal.
Read MoreMyer Bounces Despite Dismal Result
Myer was whacked by the big autumnal dry that wrecked its winter sales hopes in the three months to the end of April. But investors didn’t bother with the detail and hoisted the shares 16% higher to 43.5 cents.
Read MoreEmbattled Myer Unveils Sea Of Red Ink
Myer, the struggling department store chain revealed the bad news to the market yesterday – lots and lots of red ink and no assurances that there won’t be more following later in the year.
Read MoreMyer In A World Of Pain As CEO Exits
Is department store chain Myer entering its death throes?
Read MoreMyer Warns On Weak Start To Christmas Sales
Myer shares took a pounding, falling to an all time low yesterday of 63.5 cents after it told the market sales had weakened noticeably at the start of the important Christmas season, and as a result first half profit will be weaker than previously forecast.
Read MoreLew’s Myer Losses Mount
Solomon Lew’s paper losses on his 10.8% stake in Myer grew with yesterday’s 4% plus drop in the retailer’s shares after CEO, Richard Umbers slashed sales growth and return targets under his New Myer strategy.
Read MoreMyer Reveals New Chair
From the fruitless defence of Spotless against Downer EDI, to another under performer in the Myer department store chain – businessman Garry Hounsell seems to be a bit of a sucker for the fruitless in corporate performance.
Read MoreWhere To For A Weak Myer?
The stupidity of the Australian investment analyst and many investors knows no bounds – their combined capacity to ignore the blinding obvious and look for the faint or non existent positive when it suits them is legendary – and the latest results of Myer are another example.
Read MoreSales Slump Sinks Myer, Fletcher CEO Walks
Bad News Thursday: The profit reporting season is just starting, but even before we get to the pointy end next month, there’s been a flood of red ink, and a deputy CEO departing without explanation, which is always a bad sign, and a CEO departing with the reasons quite obvious from the company’s statements.
Read MoreMyer Sales Dip In Q3
Myer’s (MYR) shares weakened yesterday after the company surprised with a weak third quarter trading update.
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