Myer Share Price on Hold amid Trading Halt

At time of writing, the share price of Myer Holdings Limited [ASX:MYR] is in limbo as the ASX forced the company into a trading halt.

The trading halt comes after an article in the Australian Financial Review (AFR) claimed that sales were down significantly.

It has been a difficult year for Myer’s share price. It’s currently down 43% from a high on 30 November, last year.

myer share price graph


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Vague response to ASX query triggers trading halt

The AFR article in question alleged that Myer’s sales are down 5.5% year-on-year and additionally, despite a 41% increase in online sales over the same period two years ago, sales in this segment are down 5.2% versus last year.

The article compared the retail giant to the USS Cole a US warship that was attacked by al-Qaeda, leaving it with a gaping hole in its hull.

It went on to accuse the board of the company of secrecy surrounding earnings.

The company released a noticeably vague response to the article claiming that:

The Company is well aware of its continuous disclosure obligations and confirms it is in compliance with them.

Where does the Myer share price go from here?

There are a number of factors that indicate it could be hard to see anything but a steep drop for the Myer share price from here.

There is less than a fortnight to go until the company holds an AGM, where a second remuneration strike could occur causing a board spill.

Meanwhile Myer is fighting a class action lawsuit regarding its past disclosure failures.

Retail certainly is a tough gig.


Lachlann Tierney,
For Money Morning

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Lachlann Tierney is an Analyst for Money Morning and has been investing for nearly a decade. With a Masters of Science from the London School of Economics, he brings a sound understanding of global markets to his writing. Lachlann is interested in emerging technologies, energy solutions and helping people invest their money wisely. Recently he has been working with Ryan Dinse. Lachlann is involved in two publications:

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