Really need to fast track the closure of non performing stores...

Really need to fast track the closure of non performing stores and invest in their staff/stores. My mother has worked for Myer for +10 years and says working conditions are worse than ever before. Staff pushed to sell rubbish quality clothing & having staff water & cups taken off them just to note a few issues.

The previously reputable myer brand has been tarnished by cheap quality stock and the 'customer is always right' mentality. How can you maintain your reputation when you allow customers to throw clothes on the floor in change rooms and return clothing for refunds after they have clearly been worn several times. You don't see customers jumping all over the stock in a ferrari show room. So what then is Myers point of difference if it isn't quality? Major work needs to be done on this front.

Re the half yearly: No real surprises to my eye

Taking out the $538m in write downs of goodwill & myer brand name net profit is broadly in line with 1H 17 circa $60mill. Cash flow for the half positive around $50mill. Borrowings manageable at less than $100mill however trade payables quite high and working capital negative and worsening. Trading at basement prices so there may be some value here.

Buy (with skepticism)