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1h ago

Myer Swings to FY25 Loss as Apparel Brands Impairment Triggers Share Slump

A large non-cash goodwill impairment from the Apparel Brands deal pushed the retailer to a statutory loss.

A customer is seen inside a retail store for Australia's Myer Holdings Ltd's in central Sydney, Australia, February 19, 2018. REUTERS/David Gray/File Photo
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Overview

  • Myer reported net profit after tax of A$36.8 million for the year to July 26, down 30% from a year earlier.
  • The company posted a statutory net loss of A$211.2 million after recording an A$213.3 million impairment linked to Apparel Brands acquisition accounting.
  • Shares fell as much as 23.4% to A$0.49 following the results announcement.
  • The board scrapped a final dividend, taking the full-year payout to 2.5 cents per share, while the acquired apparel chains now account for about 26% of group sales.
  • Early in FY26, total sales rose 3.1% over the first seven weeks, though management expects elevated cost pressures and distribution centre issues in Victoria to weigh on first-half performance.