In his letter Hounsell states: " Due to the heightened focus on profitability, total sales value in Q1 FY19* was below Q1 FY18, however, importantly the NPAT loss (pre-implementation costs and individually significant items) for Q1 FY19 showed an improvement on Q1 FY18.
No figures mentioned. That's like me saying "I swam faster than I ever have before and sank slower than previously." How can you have an NPAT loss? It's an oxymoron. Speaking of which ... the letter adds little light to the Myer predicament. All hail the King at the AGM.
Ann: Letter to shareholders, page-5
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