Myer Holdings’ stock nosedived on $486 million loss

  • Sep 12, 2018 AEST
  • Team Kalkine
Myer Holdings’ stock nosedived on $486 million loss

Myer Holdings’ share price plunged 5.287% to $0.412 today, i.e. 12 September 2018 (1:21 PM AEST), after the company announced disappointing results for the 52 weeks to 28 July 2018.

In FY18 Net Profit after tax of the company has been dragged down to $486 million loss after including one-off items costs of $518.5 million. However, NPAT pre implementation costs and individually significant items was $32.5 million compared to $67.9 million in fiscal year 2017.

Top line has also been shed by 3.2% posting $3.1 billion total sales delivering $149.4 million of earnings before interest tax and amortization. This reflects a 24.6% decline in EBITDA and 137 bps drop in EBITDA margin to 4.82%. Cost of doing business was also up by 1.5% to $1.03 billion.

However, the company reported that subdued sales was partly offset by continued growth in online sales which represents 7.7% of total sales of the company. There have been total online sales of $239.4 million comprising online sales of $192.5 million, up 34.1%, sales by team member on in-store iPads of $30.8 million and online sales for sass & bide, MDL and Myer market. 

Recently it has been announced that departmental store Myer (ASX: MYR) has removed 30 senior management and executive roles. Building on this structural change undertaken by the company Myer’s Chairman, Garry Hounsell stated that as it became apparent to the Board that the execution of the strategy will not deliver improved financial performance, we underwent significant leadership changes. The management restructuring has resulted into the exit of Myer’s General Manager of marketing and customer, Ms. Louise Pearson, along with other senior roles. It was said to be in favor of getting closer to the customers.

No dividend has been recognized for the 52 weeks ended 28 July 2018.

The company is expected to launch new website by September 2018 which can potentially boost the online sales of the company.

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