Funny, I was in Myer Melb (CBD) as well the other day, and the men's floor (level 4 from memory), was absolutely deserted. Every staff member I passed by - there were quite a few, which is a positive of sorts - looked at me as though they'd seen a ghost and couldn't believe someone would be around at 6pm, an hour or so before closing time. In all my extensive time abroad, department stores like Macys, M&S, John Lewis, Isetan, as well as the fast fashion stores like H&M, C&A, Zara, Uniqlo, Urban Outfitters have often been inundated with customers at closing time who try to pick up something before the store shuts.
Now, on the topic of the numbers, the fact of the matter is, these are HISTORICAL. They are merely a guide as to what one can expect going forward, and even then, it's not all too uncommon to see these off the mark - uh hum, Christmas trading profit downgrades, anyone? So when you want to start talking numbers, it's more relevant to look to the forward outlook - but the reality is, no forward outlook for Myer can be given sufficient weight without the underlying narrative. That's just the state of the industry and the company at this time.
Sales numbers are great, don't get me wrong - but the market is only going to care about two sets of numbers which relate to the future outlook - impending impairments, and any takeover offer that arrives.
MYR Price at posting:
48.0¢ Sentiment: None Disclosure: Held
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