In the 1H of FY2023, Revenue from sale of goods was $1.45B, PBT was $93.4m, and NPAT was $65m.
In the 2H of FY2023, Revenue (on a comparable basis to 1H) appears to be around $1.47B, with NPAT at $4-8m.
To squeeze out $4-8m of NPAT implies basically $1.464B of 'expenses' which Myer could not reduce from 1H to 2H i.e. fixed.
The commentary eludes to deteriorating conditions.
In the coming months, if there is a mid single-digit delta/volatility in the top line, Myer could be posting $65-80m of losses, or many tens of millions of losses per half.
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