Myer has dropped off the ASX200 index

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Myer, the department store hit by digital disruption and declining consumer confidence, has lost its place alongside Australia’s biggest companies.

From March 19, Myer will be absent from the ASX200 index for the first time since it listed on the ASX in 2009.

The once giant retailer has been overtaken by fast growing companies such as cloud computing software group Xero and Bellamy’s, the maker of infant formula so loved in China.

Myer has been bleeding sales, its board is under attack by a major shareholder and its CEO, Richard Umbers, has stepped down.

Earlier this month the department store issued a profit warning, its third since July 2017, and reported another drop in sales, worsening over the key Christmas period and New Year sales.

Both Xero and Bellamy’s have been added to the index following a quarterly review by the S&P Dow Jones Indices.

Xero has also been added to the ASX100 and Fairfax Media has been removed.

Xero Chief Operating and Financial Officer Sankar Narayan said: “We’re pleased about Xero’s inclusion in the S&P/ASX 100 index and with the positive support we’ve received following our consolidation on the ASX. This is another key step in our journey as we continue to broaden our shareholder base and deliver on our long-term strategy to drive diversified global growth.”