After releasing its end of financial year results on Thursday the market is hammering Myer for a second day straight.
The retailer was down almost 7% a short time ago at $2 a share.
On Thursday Myer got smashed, closing down 12.96% at $2.15 a piece after its CEO Bernie Brookes revealed dismal results.
The company’s NPAT was down 22.6% to $98.5 million for the year to June.
Brookes blamed the poor results and flat sales at $ $3.143 billion on a warm winter, a poor retail environment and the company’s decision to make a number of cash-heavy investments to reposition its operations.
“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,” he said.
The ASX S&P 200 was trading down almost 0.5% a short time ago.