As per the ASX and the media release, the chairman of Myer Holdings Limited (ASX: MYR) announced the appointment of Ms. Lyndsey Cattermole as a non-executive director who is considered as one of the most successful entrepreneurs and businesswomen in Australia. The chairman of the company Mr. Hounsell is happy about Ms. Lyndsey joining the board as she is to also bring along the leading industries’ experience. Lyndsey was the founder of one of Australia’s largest and successful information technology business named Aspect Computing which was sold to one the ASX listed company named KAZ group after operating for almost 30 years. The Aspect Computing is a specialized group in IT consulting, product development, program development which includes retail and training as well. Mr. Hounsell is confident that the skills and the previous industries’ experience which Ms. Lyndsey possess will help the company to bring tremendous IT skills to the multi-channel offering. Mr. Hounsell also shares Ms. Lyndsey’s significant board experience in Foster’s Group Ltd, Tatts Group LTD, Treasury Wine Estate Ltd and the Victorian major Events corporation. Currently, she holds a position of director at Pact Group Holdings Ltd. She was a member of Premier Business round table at Victoria. She also has an experience on state and Federal Government committee and board which includes the electrical, electronic and information industry. She has also contributed in the merger of Royal children’s Hospital foundation and Murdoch Research Institute to form one of Australia’s largest biomedical research institute named Murdoch Children’s research institute. Ms. Lyndsey was awarded an order of Australia for her significant involvement in community matters. She also has a distinguished contribution towards the Australia computer society and towards the IT industries of Australia.
Meanwhile, Myer is giving a negative performance from its inception. However, the 6 months performance is of 38.89%. The 1 year, 5 years and YTD performance report is -32.43%, -75.81%, -22.48% respectively. As compared to the last year, FY18 total sales have gone down by 3.2% ($3,100.6 million) and 2.7% on comparable store basis. The total sales generated through online mode was $239.4 million. The operating gross profit got reduced by 2.9% and operating gross margin increased by 38.2% which is equal to 8 basis points. The cost of doing business lifted by 1.5% in FY18 over the prior year. The net profit went down to 52.21%. There will be no final payment of the dividend. The company made a statutory loss of $486 million for FY2018. There was a cash inflow of $6 million which resulted in lowering the net debt of $107 million.
The company’s share is currently trading at A$ 0.49 with market capitalization of A$ 419.64 million. If we see the price movement of the share, the moving average convergence and divergence line is below the signal line and it is still moving in downward direction.
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