Myer’s net profit plunged 80 per cent to $11.9 million in 2017 – the weakest result since its 2009 initial public offer – after the department store chain slashed the value of fashion labels and booked hefty restructuring costs.
Myer’s underlying net profit, before one-off costs, slipped 1.9 per cent to $67.9 million – in line with revised guidance for $66 million to $70 million but well ahead of consensus forecasts around $64.3 million – as cost savings failed to fully offset operating deleverage from weak sales.
Earnings before interest and tax plunged 42 per cent to $11.4 million in the second half, dragging EBIT for the 12 months ending July down 6 per cent to $106.6 million.
Chief executive Richard Umbers declined to give…
Read the full article at: http://www.afr.com/business/retail/myer-profit-plunges-80pc-to-119-million-after-writedowns-restructuring-costs-20170913-gygell