12 Sep 2009

Australian department store Myer to re-list

7:00 am on 12 September 2009

The department store Myer is set to re-list on the Australian Securities Exchange later this year.

It is launching an initial public offering pre-registration process, which will allow Myer One members and employees to express their interest in receiving a prospectus.

The company says a prospectus is likely to be lodged on or around Monday, 28 September.

The ABC reports analysts expect the float to be worth upwards of $A2 billion depending on the retail outlook and share market conditions.

Myer reported a net profit on Friday of $A109 million for the 12 months to 25 July 25 - an increase of almost 15% on its result the year before.

The ABC reports before tax earnings were also up by 10.6% to $A236 million, but full year sales fell 1.8% compared to last year to $A3.26 billion as customers tightened their belts in late 2008 and early this year.

Chief executive, Bernie Brookes said Myer expects sales to grow at around 3% over the next year.


Myer was sold by Coles to US private equity group TPG three years ago for $A1.4 billion.

Independent share analyst Roger Montgomery says the sale of Myer's Bourke Street store and a major clearance sale shortly after the takeover, netted the new owners a combined total of $A760 million.