The Myer strategy day gave a clearer view of the business in its current form and addressed many initiatives to drive improvement. Strategies previously outline are on track to be delivered in FY27e. There are several initiatives underway with no long-term targets provided yet. As Myer delivers on initiatives we expect to hear more on targets.

Myer reported flat sales, but EBIT down 15% in 1H25. Sales were impacted by issues at the new National Distribution Centre (NDC) which shifted the sales mix to lower gross margin concession product. The trading update showed a flat start to the second-half. Earning will be largely driven by synergies and cost out initiatives over the next 2-3 years.