In January 2025, MYR lacked the 'Taylor Swift' effect of a previous period. Last year was a leap year.
The (pre)election period 'always has an impact on discretionary spend'. Trading conditions will be mixed, and challenging.
Enterprise bargaining has increased labour costs.
There is a minimum of A$30 million in synergies: MYR One is being extended around the 'power brands' (Just Jeans et al). There's also e-commerce plus the refinancing benefit noted above.
The previous trading update covered to December 2024: today's covers to the end of January 2025.
Re the property portfolio, there are 'opportunities' that will be expanded upon during the MYR May 2025 investor day.
The decrease of 2.6 per cent in sales for the first five weeks of 2H 25 would be 'flat' if the one-offs (such as NDC problems) were excluded.
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