Why Myer Holdings Ltd share tumbled?

Myer Holdings Ltd (ASX: MYR) has announced that as a result of continued weakness in retail trading conditions, and particularly in July, the Company now anticipates FY2017 NPAT (pre-implementation costs and significant items) to be between $66 million and $70 million. Myer anticipates FY2017 implementation costs (pre-tax) to be between $18 million and $20 million. Further, Myer has updated the decision to write down the full carrying value of its 20% stake in Austradia of $6.8 million. In addition, it has been unable to secure a deal on acceptable commercial terms with UK based brand owner Arcadia Group to allow for the continuation of TOPSHOP TOPMAN concessions in Myer. As previously outlined in 1H 2017 and Q3 2017 results, the performance of sass & bide has been challenging during the past year, and the Board has assessed the carrying value and there will be an impairment charge of $38.8 million. Both the write off of the Austradia investment and the impairment of sass & bide are noncash, and will be taken as individually significant items in the FY2017 results.

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