Retailer Myer has posted a massive lift in interim profit after a surge in online sales, yet investors were unimpressed and sent shares plunging on the ASX.
Myer has reported a full-year loss of $172.4 million after sales fell more than 15 per cent from temporary store closures due to the coronavirus pandemic.
Myer says it will reopen all of its stores, with Perth City due to reopen next Wednesday, in line with most other stores around the country, while its Karrinyup store is set to reopen next weekend once a refurbishment project is complete.
Retail turnover surged by a monthly record of 8.2 per cent in March as consumers rushed to stockpile groceries and office supplies ahead of COVID-19 lockdowns.
Businesses and non profits suffering big falls in turnover will receive subsidies of up to $1,500 per worker per fortnight under the federal government's new Jobkeeper program, with up to 6 million people to be supported.
Department store giant Myer has reported a 37 per cent drop in first half profit, weighed down by restructuring costs, redundancies and the exit of Apple products and Country Road Group brands.
What Christmas gave to Australian retailers, the bushfires are taking away, but there could be worse to come for shopkeepers and shopping centre owners when the latest international trends wash up here.
The embattled Myer board has made a fresh pitch to shareholders ahead of a likely explosive annual general meeting on Friday, declaring the completion of its refinancing was a vote of confidence.
The war of words between Myer and Solomon Lew has escalated after the troubled retailer's shares went into freefall following its forced admission of another drop in sales.
Myer chief executive John King has increased his stake in the beleaguered retailer, purchasing 100,000 shares a day after it posted a full-year net loss of $486 million.
Department store sales helped retail spending rebound sharply in February, but economists aren't getting carried away by the surprisingly strong result.
Most of the 63 Myer stores around Australia are likely to be at break-even and the veteran retailer must shrink to survive, a new analyst's report says.
Myer's executive chairman has issued a damning indictment of the department store chain's performance under ex-chief executive Richard Umbers after it slumped to a $476.2 million first-half loss.
A number of local mining companies have moved up the stock market rankings, with contractor Ausdrill included in the S&P ASX 200 index, while South32 has been admitted into the top 20 as part of the market's quarterly rebalance.
Solomon Lew is calling on fellow Myer shareholders to "save the company" with a board spill after shares in the troubled retailer plummeted to a fresh all-time low on the back of its latest profit warning.
Premier Investments is acting on threats to oust the board of Myer with a request for the department store chain's shareholder register in a first step towards holding a vote to install new directors.
Solomon Lew has launched a new attack on the board of Myer and called on shareholders to help him oust the department store's directors at next month's annual general meeting.
It was in the aftermath of a profoundly emotional moment that Terence Borgioli, then 23, decided to chase his dream of starting a luxury fashion business.
Myer's six Perth stores appear to have escaped the chop, with the retailer instead closing an additional three interstate stores as it struggles to turn around sluggish sales amid weak consumer spending and growing industry competition.
