Australia’s Myer hits 10-mth low on bleak HY earnings

Investing.com-- Shares of Myer Holdings Ltd (ASX:MYR) reached a ten-month low on Wednesday after the company reported a decline in half-year profit, impacted by operational challenges at its distribution center and a tough retail environment.

Despite online and comparable sales growth, supply chain disruptions and rising costs weighed on the bottom line, the company said.

The Australian department store chain posted a net profit after tax of A$42.4 million for the 26 weeks ending January 25, down from A$52.0 million a year earlier.

Shares of the company fell as much as 10.5% to A$0.68, their lowest level since May 21, 2024.

Earnings were hit by an estimated A$12 million in costs linked to delays and inefficiencies at its National Distribution Centre, which led to stock shortages and higher fulfillment expenses.

Total sales remained flat at A$1.83 billion, while group comparable sales inched up 0.8%. Online sales increased 4.8% to A$409 million, accounting for 22.3% of total revenue.

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