The company floated on the ASX in November 2009 and became one of the shares to sell in the months that followed amid a generally bearish outlook for retailers.
The group was hit hard on Monday after warning that its FY11 net profit was expected to be down 5% from FY10’s result.
Last November, MYR said that FY11 earnings were expected to grow 5% – 10% on-year.
MYR attributed the downgrade to a fragile consumer environment as a result of increased costs of living, the anticipated flood levy and food inflation.
MYR also offered a sombre assessment of first half sales, which it said were impacted by significant price deflation in a number of key product lines.
MYR tumbled 11.5% following its update, making it one of the worst performers in the Australian share market on the day.