Poor Myer [MEDIA] It might be part of the cycle of life and...

Poor Myer



It might be part of the cycle of life and evolution but it seems all those years back you were right.
But hopefully Myer *will* be able to reinvent itself into this modern world .

cheers and good luck to all.


https://thewest.com.au/business/retail/covid-drives-myer-to-1725m-loss-ng-b881662774z
COVID drives Myer to $172.4m loss

Daniel NewellThe West Australian
Thu, 10 September 2020 8:10AM
Daniel Newell


Chief executive and managing director John King said closing stores and standing down staff was the toughest decision Myer had faced in its 120-year history. Credit: Daniel Wilkins/The Sunday Times

Myer has slumped to an almost $200 million loss despite recording its best-ever internet sales result as the COVID pandemic closed stores across the country and forced shoppers online.

The department store this morning reported a $172.4m loss for the full year, down from a profit of $24.5m the previous year as measures to halt the spread of the coronavirus forced it to close 60 stores in April and May and stand down 10,000 staff.

It was the company’s second-worst result after reporting an impairment-heavy $486m loss in 2018.

The news drove Myer shares down almost 12 per cent in early trade to 22.5¢.

Chief executive and managing director John King said the decision to close the stores was the toughest Myer had faced in its 120-year history.
“For the majority of the second half, there was substantially reduced traffic to physical stores, particularly to those located in CBD locations,” Mr King said.
“Myer’s CBD stores represent some of its largest stores with high associated rents, and staffing requirements and therefore the impact on profit as a result of the reduced revenues was exaggerated.”

Total sales for the year were down almost 16 per cent to $2.52 billion and earnings before interest, tax, depreciation and amortisation fell 41.6 per cent to $93.5m.

But shoppers stuck at home during the pandemic continued to stock up on beauty products and homewares to deliver Myer a second half-driven group online sales record of $422.5m, making up 17 per cent of overall sales.
Mr King said the company would continue to focus on cost control while accelerating its online offering.

“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,” he said.

Myer collected $93m in JobKeeper support payments, with $41m paid to staff whose salary was lower than the required income threshold.

No final dividend was declared.