Ann: Q2 Trading Update, page-252

I've switched my opinion from buy to hold or avoid. I was a strong supporter of Myer and if you check my comment history I did some decent research on them. This holiday season has been bad for Myers. I went into the Adelaide department store in Rundle mall and was speaking to a sale rep as the store was very quiet. She said it was the quietest Myer has been in years. It has been so quiet they have sent staff home. I'm not trying to scare investors, this is on the ground knowledge I gained. I think the tide has turned and it's sad to see Myer struggle this much as I'm a big fan. I think the sales are going to materially bad as the announcement suggests and I would not take that notification lightly. Have a risk management strategy in place, spare capital to inject if it drops, maybe hedge or even look to sell for a tax loss offset.