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Myer

This tag is associated with 37 posts

25 Oct 2019 (AFR) – IPO performance: Ten years on the Myer float still rankles

(25 October 2019, AFR, p8, Sue Mitchell, Senior Reporter) ‘Why are some shareholders willing to forgive and forget when companies fail to achieve profit guidance, while other shareholders take them to court to recover losses? In the case of Myer, shareholders are still rankled over the circumstances behind the department store chain’s $2.3 billion initial … Continue reading

6 Sept 2019 (AFR) – Retail: Myer defies doomsayers as profits rise for first time in nine years

[COMMENT: A window into the retail and fashion industry.] (6 September 2019, AFR, p17, Sue Mitchell, Senior Reporter) ‘Myer chief John King has scuttled persistent rumours the department store chain will call in administrators to speed up store closures, saying it was making headway on its turnaround plan and hoped to lift profits this year … Continue reading

3 Aug 2019 (AFR) – Department stores no longer a ‘destination’

(3 August 2019, AFR, p6, Simon Evans and Tim Boyd) ‘David Jones and Myer need to move faster in closing and shrinking their stores as spending rapidly shifted online, warned experts who said the appeal of being a ”destination” faded years ago. The malaise in department stores was reinforced on Friday when Australian Bureau of … Continue reading

7 March 2019 (AFR) – Glimmer of hope as Myer profit rebounds – Slashes and shuts its way back to profit

(7 March 2019, AFR, p1 and 11, Sue Mitchell) ‘Myer chief executive John King warns revenues will be “lumpy” over the next year but Australia’s largest department store chain can grow earnings nevertheless by cutting costs and abandoning profitless sales. Mr King has given Myer’s long-suffering shareholders a glimmer of hope that the 119-year-old chain … Continue reading

25 May 2018 (AFR) – 2018 AFR Rich List: The six eras of the Rich List – 35 years of history charts a changing economy

(25 May 2018, AFR, p36, by: James Thomson, John Stensholt) ‘… Since 1983, when Business Review Weekly named Australia’s richest 200 people for the first time, the list has become a crucial tool for not only tracking our biggest fortunes, but also the changing nature of the economy. Just like Triguboff’s dolls, the Rich List … Continue reading

27 Apr 2018 (TheAge,SMH) – Myer and DJs falling sales hit retail landlords

(27 April 2018, The Age, Business, p25, by Carolyn Cummins) ‘Department stores are weighing on the results of shopping centre landlords, with sales contributions in the red for the three months ending March 31. Sluggish consumer sentiment, ongoing complaints of bad in-store service and a demise in the concept of a ”one-stop-shop” are putting the … Continue reading

9 Mar 2018 (AFR) – Myer losing relevance with shoppers and investors – set to fall from benchmark ASX index

[COMMENT: Note that some other news agencies and commentators have declared that Myer ‘has been dumped’ from the index. To be a little pedantic, Myer is still in the index until the start of trading on Monday 19 March. Until then it is possible that more fund managers will continue to sell it in order … Continue reading

15 Dec 2017 (TheAge) – Myer reveals horror start to Christmas sales

(15 December 2017, The Age, Business, p22, Patrick Hatch) ‘Myer has suffered a horror start to the all-important Christmas trading period, revealing that sales in the first two weeks of December were down 5 per cent on last year. In a second-quarter trading update released on Thursday, the department store said November trade had also … Continue reading

15 Sept 2017 (AFR) – Myer profit plunges 80pc to $11.9 million after write-downs, restructuring costs

(15 September 2017, AFR, p17, by Sue Mitchell) ‘Two years into a five-year turnaround plan, Myer chief Richard Umbers is reviewing his strategy and growth targets after admitting the recovery was taking longer and the market changing faster than anticipated.’ <snipped…> ‘The change in tack was welcomed by investors. Myer shares, which have fallen 48 … Continue reading

31 July 2017 (TheAge) – $1b of short interest in retail stocks faces earnings season test

[COMMENT: This news story indicates one possible event that might move the local market.] (31 July 2017, The Age, BusinessDay, p18, Vesna Poljak) ‘More than $1 billion of bets against the Australian retail sector will be tested when the earnings season gets under way this week, underlining a difficult year for the stocks with the most to … Continue reading

21 July 2017 (AFR) – Sales slump undermines Myer turnaround plan

(21 July 2017, AFR, p32, by Michael Smith) ‘Richard Umbers’ plan to fix Australia’s biggest department store group is being undermined by an alarming drop in sales, but the Myer boss is not…’ Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

31 May 2017 (AFR) – Retailers kick off clearance sales as winter finally arrives

(31 May 2017, AFR, p13, by Sue Mitchell) ‘Retailers David Jones and Myer are slashing prices on autumn/winter apparel by as much as 50 per cent after pulling the trigger on mid-year clearance sales following the weakest retail trading in five years. David Jones’ clearance sale kicked off on Tuesday, just as the first cold … Continue reading

9 May 2017 (AFR) – Myer share, profit forecasts cut as Amazon, TJ Maxx loom

(9 May 2017, AFR, p11, by Sue Mitchell) ‘Solomon Lew’s Premier Investments is $13 million underwater on its 11 per cent stake in Myer after the shares in the department store chain slumped amid concerns about the entry of Amazon and weak consumer spending. Fund managers blamed a 9.5 per cent fall in Myer’s share price to a … Continue reading

21 Apr 2017 (TheAge,AFR) – Investors dump retail stocks as Amazon looms

(21 April 2017, AFR, p20, Jessica Sier) ‘Confirmation that e-commerce giant Amazon will enter the Australian market over the next few years has caused the share prices of Australian retailers to slide.  On Thursday, despite a broadly positive sentiment across the sharemarket, investors turfed Harvey Norman and Myer, which fell 3.4 per cent and 2.6 per cent respectively. Electronics … Continue reading

17 Mar 2017 (AFR) – Myer chief sticks to strategy, guidance despite weak sales – Myer on track for full-year profit growth after interim net profit rises 5.3pc

(17 March 2017, AFR, p19, by Sue Mitchell) ‘Myer chief executive Richard Umbers is sticking to his turnaround strategy and his forecast for a return to profit growth this year despite a slump in sales during the holiday period.’ Read more at AFR.com (might need AFR login access, or try: ASX.com/trial)

17 Sept 2016 (AFR) – Why big retailers are running away from ‘zombie’ stores

(17 September 2016, AFR, p18, by Simon Evans) ‘Big established retailers are in fear of “zombie” stores. They are still there but feel dead because the space is simply too big and built for an era before the internet up-ended retailing. Stock levels are lower because fewer customers are coming in and those that do are frustrated by … Continue reading

1 Dec 2015 (TheAustn) – Few win in retail floats – Investors biggest losers in Dick Smith, Myer floats

(1 December 2015, The Australian, p33, John Durie, Senior writer/columnist, Melbourne) ‘There are three known winners from the two retail floats in the past few years: private equity, the investment banks and Bill Wavish, the former Woolworths ­finance chief and one-time Roger Corbett heir apparent. And one big loser: those investors in the floats. ‘ … Continue reading

31 Oct 2015 (AFR) – Get on the same side as private equity

[COMMENT: Interesting article about the performance (or lack of performance) of IPOs, and in particular the private equity float offerings.] (31 October 2015, AFR, p42, by Philip Baker) ‘There’s a very good reason deals like Dick Smith give private equity a bad name. Anyone who bought shares when the company listed just less than two … Continue reading

16 July 2015 (AFR) – David Jones sales surge 6.4pc under new owners Woolworths Holdings

(16 July 2015, AFR, p23, by Sue Mitchell ) ‘Upmarket department store chain David Jones has posted its strongest sales growth in eight years under new South African owner, Woolworths Holdings, increasing the pressure on arch rival Myer. In a trading update in Johannesburg on Wednesday, Woolworths said David Jones’s sales for the year ending June 30 rose 6.4 per cent in … Continue reading

5 May 2015 (AFR) – Confession time: Myer and Seven among those Goldman Sachs sees at risk

(4 May 2015, AFR, p18, y Stephen Cauchi) ‘Myer Holdings, Seven Group Holdings and Brambles are among 15 companies expected to have an unusually weak second half of the 2014-15 financial year, selected by investment bank Goldman Sachs, as investors brace for a rush of earnings downgrades in May’s confession season.  Qantas Airways, Asciano and Flight Centre, conversely, are among 21 companies expected … Continue reading

16 Apr 2015 (AFR) – ASX most-shorted list – Australian retail chains Myer and Metcash are the most-shorted stocks on the ASX

(16 April 2015, AFR, p27, by Patrick Commins ) ‘Myer and Metcash are the most-shorted stocks on the market, suggesting there are a number of investors who are prepared to bet money the share prices of the two retailers will continue to fall.’ ‘Myer and Metcash are the most-shorted stocks on the market, with short … Continue reading

3 Apr 2015 (TheAge) – The most popular short stock picks; Beauty is in the eye of the shareholder – short sellers judge equities popularity pageant

(3 April 2015, The Age, BusinessDay, p21, Elizabeth Knight) ‘In what equities popularity pageant would Myer win first prize, Metcash be the runner-up, followed by a list of finalists that include Fortescue, Flight Centre, Dick Smith, JB Hi-Fi and Orica? It would be one sponsored by short sellers. It is the list that perversely identifies … Continue reading

1 Apr 2015 (TheAge, MONEY) – Beware of buying for high dividend

(1 April 2015, The Age, MONEY supplement, p6, Marcus Padley) ‘I read an article about income stocks the other day, pointing out that there were five stocks in the ASX 200 that had a yield of more than 10 per cent. The stocks mentioned were Myer, Seven West Media, Genworth, Metcash and Monadelphous.’ To get … Continue reading

13 Mar 2015 (AFR) – The five highest-yielding stocks (kings of yield) on the ASX – and their risks

(13 March 2015, AFR, p23, by Misa Han ) ‘The chase for yield has driven the latest rally in the sharemarket but a myopic focus on stocks with high-dividend payouts is risky, a fund manager has warned. The highest-yielding shares on the ASX include Myer, Seven West Media, Metcash, mortgage insurer Genworth and mining services … Continue reading

27 Dec 2014 (AFR) – Boxing Day shoppers in fighting form – Poor sentiment doesn’t stop the shoppers

(27 Dec 2014, AFR, p2, Yolanda Redrup) ‘Think hitting a ball with a cricket bat qualifies as a test? Try shopping at Myer on ­Boxing Day. Andrew Antoniou, 48, braved the masses, but was quickly deterred by the never-ending queues. “I was meeting someone on the fourth floor, but I had to call her and say … Continue reading

12 Dec 2014 (AFR) – David Jones, Myer may jump gun on Boxing Day sales, sparking concern

[COMMENT: Now is this an indication of how bad the retailing environment really is in Australia?] (12 Dec 2014, AFR, p15, Sue Mitchell) ‘Boxing Day-style bargains may be on offer before Christmas if department store chains David Jones and Myer bring forward their end-of-year clearance sales after weeks of patchy trading. Industry sources say David … Continue reading

26 Aug 2014 (AFR) – Escrow test ahead for ASX debutants – $3b share overhang weighs on market

(26 August 2014, AFR, p15, Vesna Poljak and Philip Baker) ‘Almost $3 billion in shares could hit the market over the next week as the first selling window opens up for the class of 2013-14 initial public offerings, including $1.1 billion in equity from credit score company Veda Group alone. Big investors usually have to wait a … Continue reading

26 May 2014 (TheAge) – Unseasonably warm weather sends chill through retailers

(26 May 2014, The Age, BusinessDay, p21, Carolyn Cummins) ‘Retailers, including department store Myer and shopping centre landlords, are holding crisis talks this week to discuss how to deal with unseasonably warm weather that has left them struggling to move winter stock. In the past three years, end-of-financial-year discounting has started on June 1, but … Continue reading

27 Dec 2013 (AFR) – Spending binge with a bag of complaints

(27 Dec 2013, AFR, p3, Rebecca Thistleton) ‘Retailers are reporting bumper post-Christmas sales along with a swarm of complaints about crashed websites, late deliveries and poor service in one downside of the online shopping binge.’ ‘Myer was forced to apologise when its website crashed while David Jones was attacked for putting up sales banners covering … Continue reading

14 Nov 2013 (TheAge) – It’s hard to be optimistic for retail – Bernie Brookes reports small improvements in Myer first-quarter sales

(14 Nov 2013, The Age, BusinessDay, p30, Elizabeth Knight) ‘Listening to Myer boss Bernie Brookes talk about the first-quarter sales result, which is a harbinger for the all-important Christmas period, doesn’t really inspire optimism about the retail sector. Like most retail bosses, Brookes points to a bit of a bounce since the federal election and … Continue reading