Myer plunges to 476.2 mn Australian dollars net loss in H1

Myer Holdings Limited for the 26 weeks to 27 January 2018 reported 49 percent surge is online sales but total sales for the period declined 3.6 percent to 1,719.7 million Australian dollars (1,323.4 million dollars), while comparable store sales were down 3 percent. The company recorded a statutory net loss after tax of 476.2 million Australian dollars (366.5 million dollars) due to write-downs worth 538 million Australian dollars (414 million dollars). In light of the challenging retail trading environment, the company’s board has decided not to pay any interim dividend.