MYR +7.55%: the retailer hit 10 month highs today on a strong 1H and growth returning, while some changes at the top were also announced. First-half sales were up marginally while NPAT dropped to $52m, though this was at the top end of recently provided guidance. Net cashflow improved by $10.7m, however, this was mostly as a result of an inventory reduction. Myer have also fielded external interest for their investments in apparel brands, Marcs, David Lawrence and sass & bide, appointing advisors to undertake a strategic review. Trading into the 2H has been strong with comparable sales up +4.9%, on track to beat full-year expectations at that run rate. Ex-Qantas Loyalty business boss Olivia Wirth will take over the Chief Executive & Chairwoman roles at Myer, the dual position a rarity on the ASX, particularly from non-founder-led companies.
MM is bullish MYR near term
Add To Hit List
