Myer plunges to $486m loss but debt refinanced and covenants eased

Original article by Sue Mitchell
The Australian Financial Review – Page: Online : 13-Sep-18

Shares in retailer Myer fell by 4.6 per cent on 12 September after it announced a full-year net loss of $486 million. Underlying net profit fell 52.2 per cent to $32.5 million, while EBIT declined by 48 per cent to $55.4 million. Sales fell by 3.2 per cent to $3.1 billion, although online sales increased by 34 per cent to $192.5 million. Solomon Lew, whose Premier Investments is Myer’s biggest shareholder with 10.9 per cent, savaged the result. He said the Myer board was "a disgrace", and that chairman Gary Hounsell should stand down immediately.

CORPORATES
MYER HOLDINGS LIMITED – ASX MYR, PREMIER INVESTMENTS LIMITED – ASX PMV, HOUSE OF FRASER HOLDINGS PLC, JP MORGAN AUSTRALIA LIMITED, CITIGROUP PTY LTD

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