CS has 1.2 on it according to AFR. Bigger strategic change than they expected.
Not sure if it is a big change in real terms but probably bigger than where Myer had been at under previous mgmt IMO. The plan:
Fix balance sheet and reduce debt - common sense really;
Get logistics in order and manage distribution costs - sizing exercise really in terms of not catering for an unrealistic 100 stores;
More online and emphasis on digital - this is already underway;
Focus on profitable products - not rocket science here;
Pretty ordinary reporting but a new CEO was never going to be giving out good news on the previous results but at least all the bad news shoud be out now. I don't expect to see a dividend for another 12 months and then the growth should kick in. At end of the day Myer still has over $3bn in sales which did actually increase this year. I'm taking a two year plus view on the stock so hopefully see the gains then.
All IMO
MYR Price at posting:
$1.21 Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)