Myer Holdings Ltd (ASX: MYR) shares have fallen around 2% to a multi-year low of 17 cents a piece, at the time of writing.
This is the lowest price the stock has traded at since April 2020.
The shares are now down 64% year to date and 63% lower than 12 months ago.
It's been a pretty consistent tumble, too.
The shares hovered around an annual high of 49 cents between October last year and January. But then they fell by around 53% into late May. There was a brief rebound through June before the share price resumed its downward trend.
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What has happened to Myer shares?
The company faced operational issues and profitability headwinds in late 2025. And investor confidence only fell further this year.
As a fashion retail stock, Myer shares have been heavily affected by key 2026 themes of market volatility, high inflation, and interest rate fears. A higher cost-of-living has meant Australians have been tightening their purse strings and are spending less on discretionary items.
The retailer posted solid first-half financial results in March, suggesting that the business has its operating costs under control and that its strategic initiatives are gaining traction. But investors weren't convinced.
In an update to the market in late July, the company confirmed that cost-of-living pressures and challenging trading conditions had flowed through to its bottom line. Myer reported total sales for the financial year to the end of June of $4.089 billion, up 11.3%.
At the time, the company said that it expects to report operating gross profit for the full year in the range of $1.601 to $1.607 billion.
Myer posted its FY26 results yesterday, confirming that operating gross profit came within the guided range at $1.603 billion for the 12 months to the 25th of July. Reported total sales climbed 0.7% to $4.09 billion, from FY 2025 on a comparable basis.
But management also announced a 7% decline in its underlying EBIT on an actual basis, and 23.5% lower on a pro forma basis. The store also reported a 2.9% drop in underlying NPAT on an actual basis, and a 32.1% decline on a pro forma basis.
The board also decided not to pay shareholders a final dividend for FY26.
Myer shares initially leapt higher immediately following the results announcement, but closed the day flat.
Today, more investors have sold up their holdings.
Can the shares rebound from here?
Despite the strong headwinds this year, experts seem confident that Myer shares can recover some of their losses over the next 12 months.
TradingView data shows the majority (four out of five) brokers have a strong buy rating on the consumer discretionary shares. Another one has a hold rating.
They all agree there will be some element of upside ahead. The average 38.5-cent target price implies a 119% potential upside over the next 12 months at the time of writing. And some more bullish brokers think the shares have the potential to rebound 214% to 55 cents a piece.
