Myer Holdings Ltd (ASX: MYR) released their FY17 full year results on Thursday, with shares in the retailer closing up 1.5% at $0.73. The company announced an underlying profit of AU$67.9 million.
However, implementation costs and individually significant items including the impairment of sass & bide and the write-off of their 20% investment in Austradia Pty Ltd lowered Myer's statutory profit to AU$11.9 million. FY17 total sales were down 1.4% on FY16 after the closure of stores in Wollongong, Brookside and Orange while sales on a comparable store basis were down 0.2%. Myer continues to operate in a difficult retail environment characterised by weaker consumer sentiment and heightened competition.
On a positive note, sales through the Myer online business increased 41.1% in FY17 on the back of their efforts to create a more efficient operating model. Myer is currently trading on a PE ratio of 9 and a price to book value of $0.52 while the share price has fallen 43% in the past year but remains above a one year low of $0.71.
