The Myer Holdings Ltd (ASX: MYR) share price fell by 2.73% today to $0.54, which adds to the fall over the last month, the last three months, the last year, the last five years and since inception.
Myer’s sales and profit has been steadily declining over the years and the company recently announced a further disappointing trading update.
Total sales in January were down 6.5% on the prior corresponding period. Total sales in the first half of FY18 were down 3.6% and comparable store sales were down 3%.
Myer expects that the first half of FY18 net profit after tax (NPAT) will be between $37 million and $41 million before pre-implementation costs and individually significant items. Myer said that it anticipates including a non-cash impairment charge in its result.
Management said that it did not expect an improvement to the retail trading conditions in the second half.
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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.