Solomon Lew releases Myer before the AGM showdown



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After completing the market, Myer's total sales for the first quarter were down 4.8 percent and 4.3 percent on a comparable commercial basis. They found that online sales in this period increased by 3.6 percent and underlined that the second quarter, which includes the Christmas period, was the most important influence on its profitability.

The Premier tried to publish trade data, and on Sunday said he could see why the Myer Committee, chaired by Garry Hounsell, "wanted to hide" the figures.

"The trend is not a friend of Hounsell – a 4.8 percent drop in sales (almost every $ 20 sales disappearing) is something that Father Christmas can not turn around," said Prime Minister Lew, in a statement.

"May admitted that the rise in its online sales was a bit of a worry, as this would have to be an automatic growth area in line with all other retailers," said Lew.

Mr Lew publicly raped Myer in the past year and pushed the board that got stuck.

My president, Garry Hounsell.

My president, Garry Hounsell.Credit:Justin McManus

However, some other major shareholders have a different responsibility for Mr Lew.

The chairman of 5% Myersa shareholder, Wilson Asset Management, Geoff Wilson, said on Sunday that it was not surprising that Myer's sales had fallen because they closed unprofitable sales lines and it was known that the arms were sold.

"If you get rid of unprofessional sales, your sales will decline," said Wilson.

Mr Wilson said that it takes more time to evaluate the success of the strategy set by Master John King, who was named in April.

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Anton Tagliaferro, Investors Mutual, the second largest owner of Myer, told ABC on Friday that sales are not the most important issue for a company trying to get out of unprofitable lines.

"For us, more important is profit," Tagliaferro said, adding that he will support the board at the assembly next week.

The ASX Market Compliance Group will definitively decide whether to redeem Myer's trading on Monday morning. However, in view of the additional details offered by Myer, it seems likely that trading in shares will resume again.

In a statement on Friday, Mr Hounsell said that Myer "was well aware of his ongoing disclosure obligations" and was in accordance with these rules, and reduced the net debt by $ 7 million compared to the previous relevant quarter.

Myer, who was under the auspices of Mr Lew because of his financial performance and orientation, lost $ 486 million last year, while his shares fell by 38 percent in the last 12 months to 45 c.

Clancy Yeates writes about companies specializing in financial services. Clancy is based on our editorial office in Sydney.

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