Myer’s sales strength is great for consumers, but bad for investors
The department store hit its stride right as its customers were starting to feel the pinch. That’s been good for consumers wanting bargains but bad for shareholders.
It was only six months ago that the department store soared back to profitability, recording a $65 million profit in its strongest start to a financial year in nearly a decade and even treating shareholders to a special dividend.
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Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
