Worth spend some time to read the annual report carefully. That's NPAT after implementation cost and significant events such as inventory revaluation. These were excluded in Myer's adjusted NPAT, because they believe implementation is temporary, once they're out of the mud they will be back on track. However it seems like they are now in even deeper mud now, wasting cash on brand acquisition such as top men, and what did implementation bring? A new adjusted 5 year plan. Although significant event such as inventory write down is non-cash, but it will ultimately effect future revenue as inventory are now discounted. If some inventory are completely write down then the company definitely have no clue how to run the business. So yes, keep the relying on " adjusted NPAT" and see where it gets you eventually.
MYR Price at posting:
64.5¢ Sentiment: None Disclosure: Not Held
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