Myer news and archive

Fashion giants battle continues Down Under: Premier not to make takeover bid for Myer

New York – The battle that has two of the major apparel industry players in Australia is about to take yet another turn. Earlier this week, Premier Investment’s Solomon Lew said in an interview that the company he heads “has no interest in making a takeover bid” for competitor Myer. It’s worth recalling that Myer’s AGM will take place next week....

Report

Myer reveals Q1 sales decline of 4.8 percent

Troubled retailer Myer has said in a statement that its total first quarter sales value was 4.8 percent below the previous corresponding period, while sales declined by 4.3 percent on a comparable store basis. Total online sales, however, grew by 3.6 percent during the period. Commenting on the trading, Myer Chairman, Garry Hounsell, said: “Myer...

Report

Former House of Fraser’s CEO takes the reins at Australian department stores Myer

Former House of Fraser’s executive and experienced fashion retail expert John King has been appointed CEO at Australian department store operator Myer. King held the reins at British fashion label House of Fraser, a business he restructured and eventually sold to Sanpower in 2014. Commenting the appointment, Myer Executive Chairman Garry...

Management

Myer plunges to 476.2 mn Australian dollars net loss in H1

Myer Holdings Limited for the 26 weeks to 27 January 2018 reported 49 percent surge is online sales but total sales for the period declined 3.6 percent to 1,719.7 million Australian dollars (1,323.4 million dollars), while comparable store sales were down 3 percent. The company recorded a statutory net loss after tax of 476.2 million Australian...

Report

Myer CEO and MD Richard Umbers steps down

Myer Holdings Limited has announced that chief executive officer and managing director, Richard Umbers, has stepped down from his role. The company added that Chairman Garry Hounsell, has been appointed as Executive Chairman with immediate effect, while a search commences for a new chief executive officer and managing director. Commenting on the...

Report

Myer issues profit warning on subdued stocktake sale

Total sales in the first half of 2018 were down 3.6 percent to 1,719.6 million Australian dollars (1,337.9 million dollars), down 3 percent on a comparable store sales basis. Online sales in 1H 2018 were up 48.9 percent, following a 48.4 percent increase in 1H 2017. As a result of the further deterioration in trading, Myer anticipates 1H 2018...

Management

Myer announces new executive appointments

Myer Holdings Limited has announced a management restructure. The company said, Mark Cripsey has been promoted to COO, reporting to Myer CEO and Managing Director, Richard Umbers, effective immediately. Additionally, the company added that Nigel Chadwick has been appointed CFO with effect from January 29, 2018, to replace Grant Devonport, who...

Management

Myer reports further drop in sales

Myer has said in a statement that as indicated at the company’s AGM on November 24, 2017, trading at the start of the all-important second quarter had shown no improvement on the first quarter. Since the AGM, the company added, sales continued to be below expectations and reflect ongoing challenging retail conditions characterised by reduced...

Report

Myer reports 2.8 percent decline in Q1 sales

Australian departmental store chain Myer announced Q1 sales of 699 million dollars, down 2.8 percent for the 13 weeks to October 28, 2017. Sales on a comparable basis were down 2.1 percent, while sales per sq. mtr. were up 3.6 percent. Commenting on the company’s performance, Myer Chief Executive Officer and Managing Director Richard Umbers said...

Report

Myer cuts profit outlook, deputy CEO steps down

In its May update, Myer Holdings anticipated EBITDA growth to exceed sales growth in FY2017 and NPAT to be higher than 69.3 million Australian dollars (54.7 million dollars). However, on the back of continued weakness in retail trading conditions, particularly in July, the company now anticipates FY2017 NPAT to be between 66 million and 70...

RetailFeatured

Topshop to see surge in Australia sales

London - Topshop could see a surge in its sales in Australia over the next few years after signing an exclusive partnership with department store chain Myer. The deal will see the opening of 20 Topshop and 20 Topman concessions in Myer stores after an equity injection. Sales of the hip British high-street brand could reach 300 million dollars in...

Apparel

Sass & Bide designers depart label

Sass & Bide founders Sarah-Jane Clarke and Heidi Middleton are leaving their Australian-based fashion label after 15 years at the helm. The news was confirmed by Australian department store Myer, who purchased a 65 percent share in the fashion label in 2011, which saw the design duo relinquishing their control on the business while retaining...