During that time there have been many more headwinds. Q1 sales which fell flat compared to market expectations, opening of Sephora and the potential cosmetic sales it can take away from MYR (its biggest sale segment) as well as lacklustre consumer confidence and falling AUD. A large chunk of MYR annual sales are in this xmas period and if they fall flat again MYR will be in big trouble. Profits have been declining year on year even though sales have been flat, hence the PE contraction it has seen. Whilst I hope MYR gets bid for, I can't see it happening. I think its all media and market hype and Lew if he was to bid (which I doubt) will be well into the new year seeing how xmas sales go. MYR is in a massive downtrend and has broken down to record lows and its been the most shorted stock for a reason, much like the iron ore stocks were even before the iron ore price really fell out of bed. Market is positioned for Australian retail to take a real decline next year on the back of a weak economy. You have MYR, JBH and MTS as being some of the most shorted stocks in the market now and all look weak
MYR Price at posting:
$1.38 Sentiment: Hold Disclosure: Not Held
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