Aug 18, 2017 Last Updated 2:35 PM, Aug 17, 2017

New Entry From the Editor :

Telstra cuts dividend outlook after disappointing FY performance

Telstra cuts dividend outlook …

AusBN - Telstra (ASX:TLS) has revealed its full-year (FY) profit dropped 33...

Contrasting fortunes for Origin and Woodside in FY results

Contrasting fortunes for Origi…

AusBN - Origin Energy has posted a full-year (FY) loss of AUS$2.2 billion a...

Report finds majority of top Australian firms ill-equipped for business in Asia

Report finds majority of top A…

AusBN - A report by think tank Asialink has found that a large majority of ...

Premier Investments buys large stake in Myer

mallAusBNAusBN - Retail group Premier Investments (ASX:PMV) has bought an 11% stake in upmarket department store Myer (ASX:MYR), but has denied claims it will lodge a takeover bid for the retail chain.

Premier, owned by business magnate Solomon Lew, made the AUS$101 million share purchase which sparked an 18% rise in the value of Myer shares immediately after the transaction was announced.

Myer has been subject of takeover speculation for some time after it has struggled in an increasingly saturated Australian retail market.

The businesses financial results have suffered for a number of years, with sales figures most recently dropping by 0.6% to $1.78 billion in the 26 weeks to January 28.

As more international brands enter the Australian retail sector, a number of established companies have felt the effects, most notably fashion brands David Lawrence and Marcs, who were placed in administration last month.

A Myer spokesman said the company acknowledged Premier's stake but maintained that the team remained focused on its transformation plan.

@AusBNOnline

This Month's Issue

AusBN Vol3 Iss1

Subscribe

rgn web banner

abn web banner