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Myer revealed late on Friday that sales for the first quarter of 2018-19 had plunged by 4.8 per cent in response to its shares being forced into a trading halt by the ASX.
Myer said in a statement to the ASX that comparable store sales were 4.3 per cent below the same quarter last year.
The company said an Australian Financial Review article which had prompted a trading halt contained "unlawfully leaked, draft and incomplete financial information taken from an unapproved internal document relating to part of the Myer business".
EARLIER
TRADING in department store chain Myer’s shares has been paused following controversy about its continuous disclosure obligations.
“The company is well aware of its continuous disclosure obligations and confirms it is in compliance with them,” the retailer said in response to an article in today’s Australian Financial Review.
The article suggested a disclosure threshold might have been reached by Myer's decision to stop providing quarterly sales updates.
The Australian Stock Exchange issued a market announcement this morning advising of a pause in trading Myer securities pending a further announcement.
A subsequent statement said the trading halt came at the request of Myer.
The halt will persist until the announcement is released to the market, or until the start of normal trading on Tuesday.
Myer announced in May it would no longer provide quarterly sales updates, much like Wesfarmers.
But the lack of data has fuelled speculation over the company’s performance ahead of its annual general meeting on November 30.
Myer's sales fell 3.2 per cent in the year to July 28, slashing underlying profit by 52 per cent to $32.5 million before $541.2 million in costs and significant items.
Second-half sales were down 2.4 per cent on a same-store basis, which Myer said showed an improvement in performance.
Last month billionaire investor Solomon Lew again wrote to Myer shareholders urging them to trigger a spill of the company's board at the November 30 annual general meeting.
The retail veteran has been a constant critic of Myer's board since buying a stake long perceived as a foothold for a takeover.
Myer shares have fallen to 45 cents, from $1.19 the same time last year.
- with Australian Associated Press
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