Disruptive forces finally caught up with Myer
After Myer’s (ASX: MYR) announcement last Friday it has been revealed they have had a very tough time in the 6 months to January 2018. Earnings are likely down around 40 per cent to sub $40 million on a 3.6 per cent decline in Revenue.
Myer’s last Friday’s announcement revealed the company had experienced a very tough January 2018 half-year. The most worrying piece of information, Myer does not anticipate any improvement in retail trading in the July 2018 half-year. Click To Tweet
Chief Executive Officer of Montgomery Investment Management, David Buckland has over 30 years of industry experience. David is a deeply knowledgeable and highly experienced financial services executive. Prior to joining Montgomery in 2012, David was CEO and Executive Director of Hunter Hall for 11 years, as well as a Director at JP Morgan in Sydney and London for eight years.
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Yasir
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There is no easy way out of this for Mayer, outdated departmental store model no longer working for them, they should have known the change is coming, their brand does not appeal Gen Y, listen to conversation Gen Y fashion lover they do not mention Mayer. Closing store means, cancelling the lease, cancellising the lease before expiry date, may translate into hefty court costs.