Myer

In Myer float on the stand from 6 Oct 09 (Avoid – $4.10), we were critical of the company’s growth strategies. The release of Myer’s interim results to 28 January 2012 confirms it was right to be sceptical. Gross margins improved over the period, but that was about the only good news. What was most galling was that Myer admitted staffing levels had been cut too far. The company needed to invest $13m in boosting staff numbers over the half, which contributed to the cost of doing business rising from 28.8% to 30.2%. The company has also cut back...

In Myer float on the stand from 6 Oct 09 (Avoid – $4.10), we were critical of the company’s growth strategies. The release of Myer’s interim results to 28 January 2012 confirms it was right to be sceptical. Gross margins improved over the period, but that was about the only good news.

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