ASX All Ords share Myer Holdings Ltd (ASX: MYR) is up 0.3% to 64.5 cents per share near the close of trade on Friday.
Meantime, the S&P/ASX All Ordinaries Index (ASX: XAO) is travelling 1.38% higher to 7,484.9 points.
So, what's happening with Myer shares these days?
Myer shares higher on Friday, but what's driving it?
There is no news from Myer today, and its share price slid yesterday after the company released its full-year FY23 results.
To recap, Myer recorded its strongest sales in 18 years over the year ending 29 July 2023.
But the fly in the ointment is that the bulk of that sales growth occurred in the first half of FY23.
Myer said cost of living pressures led to the deterioration of trading conditions in the fourth quarter.
During the first six weeks of FY24, sales were down 1.9% compared to the same time last year.
Myer CEO John King said the full-year results demonstrated "continued profitability and a strong balance sheet providing a solid foundation to deliver our future plans and growth opportunities …".
The ASX All Ords share fell 0.47% on the news.
Is this ASX All Ords retail share back on the menu?
This is one of the reasons why some retail shares have languished in 2023, with various examples below.
But as we reported in early August, broker CLSA reckons it's a good time to buy Myer shares.
At the time, the broker had raised its rating on the ASX All Ords retail share to accumulate with a 12-month price target of 76 cents.
This implies a potential 17% upside on today's Myer share price.
Around the same time, Emanuel Datt from Datt Capital was espousing the benefits of buying luxury retail shares because customers still wanted "affordable luxuries" during tough economic times.
Datt said he also liked the changes Myer has made in its operations since COVID.
Over the years of lockdown that we've just come out of, Myer were actually able to develop a very strong online channel and marketplace and that has really added a string to their bow.
Historical issues have slowly started to be fixed over time. The big historical issue with Myer was the amount of floor space in their retail stores, they had basically leased more space than they actually required to service their customers.
They've made significant headway in strengthening the business and future-proofing the business, in fact.
Datt named Myer and fellow ASX All Ords share Premier Investments Limited (ASX: PMV) as the best retail shares to capitalise on a forecast net migration increase of 715,000 over the next two financial years.
Meantime, we recently learned that Premier Investments chair Solomon Lew has been buying up more Myer shares.
There was a purchase of 24.6 million additional Myer shares on 30 August, taking Lew's stake 3% higher to almost 30% of the ASX All Ords retailer.
Myer CEO John King plans to retire in the second half of 2024 and will be returning to the United States.