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Myer hits $476.2m HY loss on impairments

 

Myer has slumped to a first-half loss of $476.2 million and suspended its interim dividend after the embattled department store chain recorded $538 million of impairments, restructuring and store closure costs.

The stumbling retail giant made a $515.3 million non-cash impairment relating to goodwill and its brand name, while copping another $9.2 million in impairments and a $13.7 million hit for a continuing overhaul of its stores.

Pre-impairment profit for the 26 weeks to January 27 fell 36.1 per cent to $40.1 million, in line with last month's profit warning, while sales fell 3.6 per cent as expected.