Myer skips dividend as retail giant suffers second-worst loss in 126 years

Iconic department store Myer has taken a massive financial hit as a “volatile trading period” drags the company deep into the red.

It was the store’s second worst financial year in 126 years of trading.

In its latest market update, Myer confirmed it would skip paying out a final dividend to shareholders as the company recorded a net loss of $276.5m in the 52 weeks to July 25, 2026.

Its apparel business – which includes Just Jeans, Portmans and Jay Jays acquired in a $890m deal signed January 2025 – is struggling with many of the fashion brands struggling this year.

According to the latest results, strong sales out of Just Jeans were offset by falls in other brands particularly Portmans.

Myer warns things will get worse before getting better, flagging further falls in 2027.

Overall the retailer posted total sales of $4.09bn – up 0.7 per cent, and a loss of $276.5m. It wrotedown another $279.6m to “goodwill, brand intangibles, and stores”.

Myer executive chair Olivia Wirth said the store struggled through a challenging economic period over the past 12 months.

“We expect this volatility in consumer behaviour and discretionary spending to continue over the next 12 months,” Ms Wirth said

“Consistent with the trends we observed in June and July, trading through the early part of FY27 has remained uneven, with softer conditions experienced in August followed by improving trading momentum through September, despite recent challenges in global shipping,” Ms Wirth said.

She said despite these changes the business is continuing to strengthen in key areas including record loyalty engagement and expanding its brand and product offering.

“While we remain cautious about the near-term consumer outlook, we believe that our strategic actions are strengthening the Group’s competitive position, resilience and supporting the creation of long-term shareholder value,” Ms Wirth said.

Originally published as Myer skips dividend as retail giant suffers second-worst loss in 126 years