It's more important to me that MYR recovers from its previous problems, and the recent CBD lockdown in Melbourne in particular, plus the ongoing effect of no inbound tourism that also especially adversely affects its CBD stores.
One good figure is that 'peak net debt' has reduced from around A$170m in 1H 20 to A$30m in 1H 21. That's a huge improvement in 12 months!
Shareholders' equity has risen from $363m to $498m.
Lease liabilities, which I assume stretch for a number of years, dropped from $1834.2m to $1743.7m.
MYR says reduction in gross lettable area (i.e. shop floors) remains on track with a further update in coming months.
MYR says the 'beauty' category was up an astounding 129 per cent YOY, which begs the question: which categories declined the most if overall sales fell due to the CBD problems?
If beauty sales rose so much, it means the MD Innovation of online beauty retailer ABY yesterday that 'department stores have a 1950s way of selling' isn't as true as she'd like to think.
MYR Price at posting:
33.0¢ Sentiment: Hold Disclosure: Held
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