Why has Myer Holdings Ltd bounced today

There have been consistently negative commentary by Solomon Lew, chairman of Premier Investments, Myer Holdings Ltd’s (ASX: MYR) biggest shareholder with 11%, but the share price has bounced 5% today at the time of writing. Lew has said in a letter to shareholders that Myer is headed for a downgrade and a massive full year loss when September results are released. With store sales down 3.1% in the April quarter and down 3.6% in the January quarter, and substantial discounts that Lews believes will lead to more significant losses. Lew is putting pressure on the board to resign.

The pressure on the chairman of the board to resign is seen as a positive to investors, as with a new chairman and board the outlook for the company may improve.

Lew’s Premier Investments Limited’s (ASX: PMV) share price is up 19% since delivering a record 1H18 net profit after tax, and up 9.4% on 1H17. The share price is trading on a forward price-earnings-ratio of 21x. Premier operates speciality retail fashion chains here and offshore.

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