Retailer Myer Holdings (ASX:MYR) has announced a loss of $476 million for the half year to January 2018.
Meantime, the company’s total sales declined by 4 per cent compared to the same time last year to $1.7 billion.
Myer says the company will not declare a dividend due to the challenging retail environment.
The company says the loss of $476 million includes a write down charge of $500 million.
Myer is still looking for a new CEO following the resignation of Richard Umbers last month.
Shares Myer Holdings(ASX:MYR) are trading 5.81 per cent higher to $0.46.