Myer and Nick Scali flag lower profits,but investors are cheering

Myer and Nick Scali flag lower profits,but investors are cheering

Industry analysts had low expectations of Australian retailers for the 2024 financial year,but both companies’ trading updates may give reason to revise the pessimism.

  • byJessica Yun

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Retail rainmaker Mark McInnes seals the deal with a different self-made billionaire

Retail rainmaker Mark McInnes seals the deal with a different self-made billionaire

It is probably no accident that news about McInnes joining billionaire Brett Blundy’s retail empire coincided with a 3.5 per cent fall in Myer’s share price where his former boss,Solomon Lew,is a key shareholder.

  • byElizabeth Knight
‘Wear comfortable shoes’:Your Boxing Day sales survival guide

‘Wear comfortable shoes’:Your Boxing Day sales survival guide

Shoppers will spend $1.25 billion on “unprecedented” deals as retailers look to clear and refresh stock,says the Australian Retailers Association.

  • byWilliam Ton
Kmart,Big W win the battle for bargain hunters in sales season

Kmart,Big W win the battle for bargain hunters in sales season

Gen Z shoppers weren’t tempted by Black Friday discounts at all,while others switched from department store luxuries to essentials at discount barns.

  • byRachel Clun
Qantas Loyalty boss Olivia Wirth resigns,to leave in February

Qantas Loyalty boss Olivia Wirth resigns,to leave in February

The announcement comes a week after retailer Myer revealed it was nominating Olivia Wirth to its board of directors.

  • byJessica Yun
Lew playing the long game with Myer’s board of directors

Lew playing the long game with Myer’s board of directors

Now that Solomon Lew has started exercising power within Myer,shareholders will be expecting him to make a difference.

  • byElizabeth Knight
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Myer board resets as retailer looks to bring in heavyweight talent

Myer board resets as retailer looks to bring in heavyweight talent

Major shareholder Solomon Lew is happy with the shakeup,as Qantas’ loyalty business boss Olivia Wirth and Ardent Leisure chairman Dr Gary Weiss look to land on the retailer’s board.

  • byEmma Koehn
The one thing billionaire Solomon Lew and his struggling consumers have in common

The one thing billionaire Solomon Lew and his struggling consumers have in common

While Premier Investments’ profits held up better than most discretionary retailers,not even his well-oiled business can escape the economic backdrop.

  • byElizabeth Knight
Battle lines drawn for bitter boardroom stoush at Dan Murphy’s owner Endeavour

Battle lines drawn for bitter boardroom stoush at Dan Murphy’s owner Endeavour

Former Woolworths bosses and Endeavour’s largest shareholders are at odds with the company about the direction of its business.

  • byEmma Koehn,Elizabeth Knight andAmelia McGuire
Myer is reporting the best sales in 18 years. But can it thrive in a cost of living crisis?
Analysis
Retail

Myer is reporting the best sales in 18 years. But can it thrive in a cost of living crisis?

The retail behemoth survived COVID-19 and bounced back to profit. As senior executives prepare to leave,the 123-year-old retailer faces its next challenge.

  • byEmma Koehn
Spring fashion and suitcases:What shoppers are buying at Myer

Spring fashion and suitcases:What shoppers are buying at Myer

The department store owner saw its profit jump 23 per cent in financial year 2023,but things are getting harder in the cost-of-living crunch.

  • byEmma Koehn