Myer news and archive

Myer to acquire Premier’s Apparel Brands business

Australian retailer Myer is all set to acquire Premier’s Apparel Brands business in Australia and New Zealand consisting of Just Jeans, Jay Jays, Portmans, Dotti and Jacqui E in exchange for the issue of new shares in the company. As part of the agreement, Premier will distribute its existing and new shareholding in Myer to shareholders and...

Report

Challenging trading conditions and store closures hit Myer's profit

Myer Holdings Limited expects FY24 sales to be 3,266 million Australian dollars, down 2.9 percent, reflecting the impact of Myer Brisbane City and Frankston store closures. The company expects NPAT of between 50 million Australian dollars and 54 million Australian dollars reflecting the challenging consumer and trading environment; impact of...

Report

Myer proposes strategic merger with Premier’s apparel business

Myer Holdings has approached Premier to explore a potential combination with its Apparel Brands business to create one of the leading retail and apparel companies across Australia and New Zealand. Apparel Brands is a leading clothing business with a portfolio comprising the Just Jeans, Jay Jays, Portmans, Jacqui E, and Dotti brands. It has a...

People

Robert Perry joins Myer board as non executive director

Myer Holdings Limited has announced that Robert (Rob) Perry will join the board as a non executive director, effective immediately. Perry, the company said, has extensive experience and expertise in audit, internal audit and risk management from a 36-year career with professional services firm EY, with a major focus on the retail and consumer...

ManagementFeatured

Myer posts positive H1, names Olivia Wirth chair and CEO

Myer Group comparable sales rose 0.1 percent in the first six month period, while total sales of 1,829.1 million Australian dollars declined 3 percent but were 13.8 percent above pre-Covid period. The Myer Holdings Limited also announced the appointment of independent non-executive director, Olivia Wirth, as executive chair to drive the company’...

Report

Myer expects H1 sales to be above pre-Covid level

Australian department store chain Myer reported a first half comparable sales increase of 0.1 percent. The company expects total sales for the period to be down 3 percent to 1,829.1 million Australian dollars and 13.8 percent higher than pre-Covid first six months results. Commenting on the trading update, Myer CEO, John King, said: “Like many...

Report

Ari Mervis to replace Joanne Stephenson as new Myer chairman

After seven years on the board of Myer Holdings Limited, Joanne Stephenson has decided to retire as chairman and as a director of at the upcoming 2023 annual general meeting (AGM). The company’s board has unanimously appointed current Myer non-executive director, Ari Mervis as the new chairman, with effect from the conclusion of the AGM....

Report

Myer expects to report profit growth between 15 to 21 percent for FY23

Australian department store Myer reported sales for fiscal year 2023 were up 12.5 percent on FY22 to 3,362.9 million Australian dollars and 12.4 percent on FY19. FY23 NPAT is expected to reach between 69 million and 73 million Australian dollars, an increase in the range of 15 percent and 21 percent on FY22. Commenting on the preliminary annual...

Report

Myer reports sales and profit growth in H1

For the six months period to January 29, 2023, total sales growth at Myer Holding was 24.2 percent to 1,884.9 million Australian dollars. The company said that the group’s online sales were 382.3 million Australian dollars or 20.3 percent of total sales, a decline of 9.8 percent due to mandated lockdowns in the prior period, but represents a...

Report

Myer posts strong sales growth

In a trading update for the period to December 31, 2022, Myer Holdings Limited said, in comparison to corresponding prior periods not affected by Covid, total sales were up 18.9 percent versus first half of 2020, and up 14.3 percent versus 2019. Myer currently expects its first half net profit after tax to be between 61 million Australian...

Report

Myer elects Terrence McCartney as non-executive director

Myer Holdings Limited has announced the election of Terrence McCartney as a non-executive director effective from the close of the company’s annual general meeting on November 10, 2022. McCartney is a non-executive director of Premier Investments and its wholly owned subsidiary, Just Group. Commenting on the Christmas season ahead, John King,...

Report

Myer FY22 profit jumps, sales increase by 12.5 percent

Myer Total sales at Myer Holdings Limited for the 52 weeks to July 30, 2022, grew by 12.5 percent to 2,989.8 million Australian dollars, while comparable store sales rose by 15 percent. Group’s online sales for the year increased 34 percent to 722.8 million Australian dollars, representing 24.2 percent of total sales. Net profit after tax of...