Myer shares slide 8% to 23 cents after FY26 update flags weak consumer spending
AI Market Summary
Myer's 8% drop after FY26 results highlights weakening discretionary demand in Australia as cost-of-living pressures, rate hikes, and higher fuel costs drive heavy promotions and lower pro forma gross profit. While headline sales rose on the Premier apparel integration, underlying growth was near-flat and margins are under pressure. The update reinforces a cautious consumer backdrop and may weigh on broader retail risk appetite near term.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+0.92%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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Myer Ltd reported FY26 total sales of $4.089 billion, up 11.3% year on year, but pro forma sales rose just 0.3% after integrating the former Premier Investments apparel brands it bought in early 2025. The retailer said it expects full-year operating gross profit of about $1.601 to $1.607 billion, up about 13.8% to 14.3% on an actual basis but down about 2.1% to 2.5% on a pro forma basis. It attributed the pro forma decline to higher-than-planned promotional activity as consumer demand weakened.
