Australia's Myer Holdings slumps on lowering FY forecast

Myer Holdings

08/08/2024 02:31

** Shares of Myer Holdings  MYR.AX  fall as much as 8.3% to
A$0.770, marking its biggest intraday pct fall since Feb. 7
    ** Retailer forecasts FY24 NPAT of between A$50 mln ($32.6
mln) and A$54 mln vs A$71.1 mln in FY23
    ** Sees total sales of A$3,266 mln in FY24, down 2.9% from
FY23
    ** Co cites challenging consumer and trading environment,
store closure, inflationary pressure and weak performance at
three specialty brands for the forecast cut
    ** Around 1.9 mln shares change hands as of 0122 GMT, vs
30-day average volume of 1.4 mln
    ** Stock up 40% YTD, as of last close

($1 = 1.5319 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))