Myer reports $276.5 million net loss amid consumer spending volatility

Australian department store Myer has reported a net loss of $276.5 million for the 52 weeks ending July 25, 2026, marking its second-worst financial year in its 126-year history. The loss was driven by a $279.6 million non-cash impairment related to goodwill, brand intangibles, and stores.

While total sales rose 0.7 to 11.3 per cent to approximately $4.1 billion, the company faced significant headwinds. Executive chair Olivia Wirth cited volatile consumer behavior and discretionary spending pressures. Contributing factors included interest rate rises by the Reserve Bank, inflationary fuel prices linked to Middle East conflicts, and cost-of-living pressures.

Within its apparel division, performance was mixed. Just Jeans saw sales increases, but these were offset by declines in other brands, most notably Portmans, which saw sales plunge by more than 10 per cent. Other brands such as Jay Jays, Jacqui E, and Dotti have also faced challenges in the early stages of the new financial year. Due to the financial results, Myer will skip its final dividend payment to shareholders.