Australia's Myer hits near 9-month low on bleak outlook amid sluggish sales

Myer Holdings

18/03/2025 23:44

** Shares of department store Myer Holdings MYR.AX fall 3.3% to A$0.735, their lowest level since June 24, 2024

** Co reports lower interim earnings, with sales for the first five weeks of H2 already down by 2.6%

** Posts H1 net profit after tax of A$42.4 mln ($26.97 mln) for the 26 weeks ended January 25, an 18.5% decrease from the previous year

** The negative trend aligns with MYR's previous warnings of sluggish sales and earnings during major festive periods such as Black Friday, Christmas, and Boxing Day

** Stock fell as much as 10.5% earlier in the day, marking its worst intraday drop since January 13

** Stock down 38.3% YTD, including the current session's moves

($1 = 1.5723 Australian dollars)

 (Reporting by Kumar Tanishk in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))