×
144
Fashion Jobs
PEEPAL HR ASSOCIATES (OPC) PVT LTD
Ceo Textile Business (Please Read The jd Before Applying)
Permanent · Hyderabad
VERUSCHKA
Social Media And PR Specialist
Permanent · MUMBAI
VERUSCHKA
E-Commerce Manager
Permanent · MUMBAI
H&M
E-Commerce Commercial Manager
Permanent · NEW DELHI
H&M
Area Facility Manager
Permanent · NEW DELHI
SAROJ JALAN
Marketing Strategist
Permanent · KOLKATA
ADD UR CO LLP
Production Manager
Permanent · Chennai
THE GLOBAL ZONE HR SERVICES
Production Manager/ Supervisor/ Incharge
Permanent · Pune
PUMA
Manager - Digital Marketing
Permanent · Bengaluru
THE BANYAN HR CONSULTS
Brand Manager For Leading Women's Wear Garments CO at Coimbatore
Permanent · Coimbatore
GLAN MANAGEMENT CONSULTANCY
Senior Buyer Lingerie (Knits Western Wear) - Retail Brand
Permanent · GURUGRAM
JOB INDIA
Asst. Manager E-Com Operations (Garments Retail) Gurgaon
Permanent · Faridabad
VASTRAKALA EXPORTS
Quality Manager
Permanent · CHENNAI
PEOPLE ALLIANCE WORKFORCE PRIVATE LIMITED
Manager / in Charge - Production/Quality/Cutting - Garments Industry
Permanent · Bhiwandi
MINT AND MILK COMMUNICATIONS
Senior Account Executive
Permanent · MUMBAI
PUMA
Manager- Buying (Apparel)
Permanent · Bengaluru
PUMA
Manager- Business Intelligence
Permanent · Bengaluru
PUMA
Manager- Trade Compliance
Permanent · Bengaluru
PUMA
Manager- Supply Planning
Permanent · Bengaluru
PUMA
Senior Manager - Performance Marketing- Marketplac…
Permanent · Bengaluru
PUMA
Regional Sales Manager- Mbo (South)
Permanent · Bengaluru
PUMA
Manager- Returns And Spf Operations
Permanent · Bengaluru
Published
May 9, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Competitive pressure on Myer could be too much for share price says analyst

Published
May 9, 2017

Australian retail giant Myer has seen its share price moving downwards this week as it gears up for its Q3 sales report, with it hitting a price less than half of what it was five years ago.


Myer



It closed Tuesday at A$0.98 as analysts speculated that the move of more foreign retailers into its domestic market could seriously undermine the department stores business.

The biggest catalyst for the shares falling was a new investment report from credit Suisse. Credit Suisse analyst Grant Saligari said there are too many stores in its estate, it is seeing falling discretionary spend, and facing the arrival of TK Maxx and Amazon in Australia, all of which is “likely to be all too much for Myer.”

The share price fall comes after Australian retail entrepreneur Solomon Lew spent A$101.7m to scoop up a 10.7% stake at a higher per-share price during March. He bought the stake through his Premier Investments vehicle and is the firm’s biggest shareholder.

Credit Suisse’s Saligari said the firm’s top executive Richard Umbers is doing the right things in his programme of boosting online sales, closing under-performing stores and tweaking the brand mix. But he believes that “the starting point might be just too difficult, with the recent acceleration in competition.”

He believes Myer shares could be trading at A$0.88 within a year but also said if a takeover offer emerged, he would be more optimistic on the share price.

There is still speculation that Solomon Lew could launch a takeover bid, although Saligari did not say whether he thought the retailer would perform any better under a new owner.

Myer releases its Q3 sales report this week with Credit Suisse currently forecasting that the full year will see a 15% net profits fall, plus a 27% drop next year and a 33% plunge the year after. It also expects comparable sales to fall 1% in both Q3 and Q4.

Copyright © 2022 FashionNetwork.com All rights reserved.