Retailer Myer has posted a horror end of financial year result and it’s getting hammered by the market.
Shares were trading down 8.7% to $2.255 a piece just a short time ago on the ASX.
Here are the headline numbers:
- EBITDA is down 17.1% to $252.6 million
- NPAT down 22.6% to $98.5 million
- EBIT down 25.4% to $160.3 million
- Final dividend 5.5 cents per share
Myer chief executive Bernie Brookes said its results have been affected by investment in the business to reposition its operations.
The company has invested in refurbishing four of its stores including one in Adelaide, another in Queensland and its flagship Melbourne city store as well as closing two and investing in Myer exclusive brands.
“As expected, our investment in the business during the year adversely affected profitability however we look forward to the benefits beginning to be realised in FY2015,” Brookes said.
Total sales for the full year were flat at $3.143 billion.
“It was particularly encouraging to achieve comparable store sales growth of 1.2 percent for the year and 2.1 percent in the fourth quarter given subdued consumer sentiment following the federal budget as well as unseasonably warm weather during the second half.”