Myer: Interim result 2017

Myer’s profit was in line with expectations but sales growth is proving inadequate at this stage of the turnaround.

In Myer’s recent interim results, management marked a milestone: ‘We are 18 months into our five-year transformation’. Many of the things we expected when we first upgraded the stock in Is Myer still a pariah? on 11 Nov 15 (Speculative Buy – $0.943) – shortly after management announced the New Myer strategy – have in fact happened.

Earnings declines have abated, while strong cash flow has resumed. Dividends have also recommenced. In fact the 2017 interim dividend was lifted by 1 cent to 3 cents per share, making a total of 6 cents for the past year.

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