Ann: Q2 Trading Update, page-63

I think what the market fears now is closure of more stores. There are profitable and unprofitable stores, so results we see are averaged in annual report. Market fears that further reduction in revenue, could mean more stores are operating at a loss, hence dragging down the total performance. Last time I checked Myer had like 67 stores, a 2-3% decrease in revenue might seem nothing, but closure of another 4-6 stores would mean a loss in revenue of ~10%. People always talk about Amazon, but I think Myer's management team has been so bad at operating the business, they don't know how to attract people to the store. Sales=# of people come to store*conversion rate; at current their clearance strategy is just realizing future demand of shoppers at a discounted revenue. Their high remuneration at a difficult stage of the company, signals how careless and shameless the management team are.