Myer announces $476M loss 1HY18

Company News

by Anna Napoli

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.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.