Australian Shares News Myer Holdings (MYR)

Myer Holdings MYR ASXMyer Holdings (MYR) is among Australia’s largest department stores, retailing apparel, fashion, fragrances and cosmetics, homewares, electrical goods and general merchandise.

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.

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