Myer: AGM 2016

Myer held its annual general meeting today. And a jump in first quarter sales has caused some excitement.

At today’s annual general meeting, department store group Myer Holdings announced that same-store sales for the first quarter rose 3.9%. Improved sales results for the quarter should have been no great surprise because, in preparation for the introduction of new brands, the company conducted a ‘Spring Clean’ clearance sale in August.

Nevertheless, it is a mark of just how low investor expectations are that today’s middling news was greeted with a 5% jump in the Myer share price. This company is the antithesis of a market darling.

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