The march to online shopping is leaving Myer struggling to adjust to a new competitive landscape.
Department store Myer faces declining sales and balance sheet risk, but we expect the chain to survive. No-moat-rated Myer unexpectedly provided a trading update, flagging intense competitive pressure and structural shifts in consumer behaviour that are hurting sales, while the department store chain concludes the halfway mark of its five-year turnaround strategy. Management also gave investors the heads-up on an upcoming noncash impairment charge, but without quantifying how much of the company...
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