Australia's Myer posts first annual loss since 2009 listing

Australia’s biggest department store chain Myer Holdings Ltd on Wednesday reported its first annual loss since listing nine years ago as it failed to win back customers amid heavy online competition.

The beleaguered retailer said its net loss for the year ending July 28 came in at A$486 million ($345.8 million), compared with a profit of A$11.9 million last year. The figure was in line with a loss of A$488.8 million expected by an average of 5 analysts, according to Thomson Reuters data.

Barring one-off items, Myer’s underlying net profit more than halved to A$32.5 million.

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Myer, whose shares have fallen more than 87 percent since listing in 2009, has endured a pattern of decline affecting physical retail spaces globally.

Competitive pricing from online alternatives such as Amazon.com has driven customers away from stores.

Total sales for the year fell 3.2 percent to A$3.1 billion, the company said.

Myer also said it had reached an agreement with its existing lenders to refinance its bank facility.