Guys, the biggest alarm bell in this report is EBITDA. Down 41.6%.
Two paragraphs that should really worry people.
As a result of the reduction in sales, Myer was successful in its application for the Australian Government’s JobKeeper Payment Scheme, which ensured a significant number of roles could be maintained during this period. Of the $93 million that was received by Myer, a total of $41 million was paid to Team Members whose remuneration was lower than the required income threshold. Several other payment deferrals, as well as rent relief, were also negotiated.
“As a result of the prudent approach to preserving cash, disciplined cost control, support from the Australian Government and other payment deferrals, and despite the loss of revenue and earnings as a result of the store closures and reduced foot traffic, the Company finished the period with a net cash position of $7.9 million representing a $46.6 million improvement on the prior year"
In isolation that reads badly. With the rest of the numbers, it reads even worse.
MYR Price at posting:
22.3¢ Sentiment: Sell Disclosure: Not Held
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