Myer news and archive

Australian retailer Myer forecasts challenging outlook

Australian department store Myer reported lower earnings for the first half period due to logistical issues at its Victorian distribution centre and strategic review costs, forecasting a challenging outlook amid weak economic conditions. The company recorded a marginal sales increase of 0.1 percent to 1.83 billion Australian dollars for the...

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Myer announces key leadership appointments following Apparel Brands merger

Following its merger with Apparel Brands, Australian department store chain Myer has announced key leadership appointments. Kathy Karabatsas will assume the role of group chief financial officer on March 14, 2025, succeeding Matt Jackman, who departs after eight years to explore new ventures. Karabatsas brings extensive experience from senior...

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Australia’s Myer and Premier Investments receive shareholder backing for merger

Australian department store Myer has received shareholder backing for its proposed merger with the Apparel Brands subsidiary of Premier Investments Limited. In a general meeting held by the company, 95.45 percent of shareholders voted in favour of the proposal. Upon announcing the results of the meeting, Myer executive chair, Olivia Wirth, said...

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Myer posts marginal drop in year-to-date sales

In a preliminary trading update, Myer said that year to date comparable sales were in line with the prior year, while total sales were approximately 1,592 million Australian dollars, down 0.8 percent. The company said in a statement that the sales were affected by the temporary closure of the Werribee store between February 14 and 29 November...

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Myer to acquire Premier’s Apparel Brands business

Australian retailer Myer is all set to acquire Premier’s Apparel Brands business in Australia and New Zealand consisting of Just Jeans, Jay Jays, Portmans, Dotti and Jacqui E in exchange for the issue of new shares in the company. As part of the agreement, Premier will distribute its existing and new shareholding in Myer to shareholders and...

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Challenging trading conditions and store closures hit Myer's profit

Myer Holdings Limited expects FY24 sales to be 3,266 million Australian dollars, down 2.9 percent, reflecting the impact of Myer Brisbane City and Frankston store closures. The company expects NPAT of between 50 million Australian dollars and 54 million Australian dollars reflecting the challenging consumer and trading environment; impact of...

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Myer proposes strategic merger with Premier’s apparel business

Myer Holdings has approached Premier to explore a potential combination with its Apparel Brands business to create one of the leading retail and apparel companies across Australia and New Zealand. Apparel Brands is a leading clothing business with a portfolio comprising the Just Jeans, Jay Jays, Portmans, Jacqui E, and Dotti brands. It has a...

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Robert Perry joins Myer board as non executive director

Myer Holdings Limited has announced that Robert (Rob) Perry will join the board as a non executive director, effective immediately. Perry, the company said, has extensive experience and expertise in audit, internal audit and risk management from a 36-year career with professional services firm EY, with a major focus on the retail and consumer...

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Myer posts positive H1, names Olivia Wirth chair and CEO

Myer Group comparable sales rose 0.1 percent in the first six month period, while total sales of 1,829.1 million Australian dollars declined 3 percent but were 13.8 percent above pre-Covid period. The Myer Holdings Limited also announced the appointment of independent non-executive director, Olivia Wirth, as executive chair to drive the company’...

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Myer expects H1 sales to be above pre-Covid level

Australian department store chain Myer reported a first half comparable sales increase of 0.1 percent. The company expects total sales for the period to be down 3 percent to 1,829.1 million Australian dollars and 13.8 percent higher than pre-Covid first six months results. Commenting on the trading update, Myer CEO, John King, said: “Like many...

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Ari Mervis to replace Joanne Stephenson as new Myer chairman

After seven years on the board of Myer Holdings Limited, Joanne Stephenson has decided to retire as chairman and as a director of at the upcoming 2023 annual general meeting (AGM). The company’s board has unanimously appointed current Myer non-executive director, Ari Mervis as the new chairman, with effect from the conclusion of the AGM....

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Fashion giants battle continues Down Under: Premier not to make takeover bid for Myer

New York – The battle that has two of the major apparel industry players in Australia is about to take yet another turn. Earlier this week, Premier Investment’s Solomon Lew said in an interview that the company he heads “has no interest in making a takeover bid” for competitor Myer. It’s worth recalling that Myer’s AGM will take place next week....