What: Myer posted a $276.5 million statutory net loss for fiscal 2026, its worst result since 2018, as cost-of-living pressures weighed on consumer spending.

Why it is important: Myer's bet on younger customers, owned brands and gifting is being tested at the worst point in the cycle, with trading still deteriorating heading into Christmas. 

Myer's fiscal 2026 statutory net loss of $276.5 million is its worst result since fiscal 2018, widening from $204.4 million a year earlier. The group blamed higher fuel prices linked to the Middle East conflict, three interest rate rises in 2026, slower household income growth and a weaker housing market.

Sales including concessions reached $4 billion, Myer's best result, though only marginally up on a comparable basis. Concession brands such as Country Road led growth, followed by the online marketplace, while beauty declined. In the specialty portfolio acquired from Premier Investments, Just Jeans grew 6% to account for about 40% of apparel brand sales, Portmans struggled and the other banners were broadly stable. Extracting synergies remains a fiscal 2027 priority, and Solomon Lew, who holds about 30% of Myer, joins the board.

Executive chair Olivia Wirth defended the strategy, pointing to a loyalty base where half of members are under 35, and outlined plans built on technology, AI and cost reduction. Trading in the first eight weeks of fiscal 2027 was as challenging as, or worse than, the second half. Myer is counting on its gifting credentials to lift Christmas trading across its 56 stores.

IADS Notes: Myer's FY2026 loss confirms the warning issued in its preliminary trading update, when the group attributed a sharp slowdown in June and July to higher fuel prices, three interest rate rises and a weaker housing market, and reported lower sales in Beauty and Portmans despite increased promotional activity (Reuters, July 2026). The beauty decline follows Mecca's exit after 17 years, which removed a major traffic driver and led Myer to rebuild the category through exclusive partnerships, new brands and a redeveloped Sydney Beauty Hall (nine.com, July 2026). The synergies Myer still seeks from the Apparel Brands acquisition were central to the value-creation programme launched by Olivia Wirth, built on direct sourcing, simplified distribution and store efficiency (Inside Retail, September 2025). The pressure extends beyond Myer, with David Jones reporting a $74.4 million loss, late supplier payments and store closures as both Australian department stores shrink their footprints (The New Daily, April 2026). Myer's reliance on concessions for its best-ever sales result echoes Saks Global's post-bankruptcy model of more than 350 concession and consignment agreements, which reduces inventory risk at the cost of margin (WWD, June 2026).

Myer posts its worst annual loss since 2018 but backs its strategy