Stocks of the Hour: Encounter Resources, Myer Holdings, Cleanaway Waste Management
A snapshot of the stocks on the move, featuring Encounter Resources (ASX:ENR), Myer Holdings (ASX:MYR) and Cleanaway Waste Management (ASX:CWY).
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Myer operates 60 department stores across Australia, and with our team members, we are committed to being Australia’s favourite department store. Our merchandise offer includes core product categories: Womenswear; Menswear; Childrenswear; Beauty; Homewares; Electrical Goods; Toys and General Merchandise. The majority of Myer’s operations are in Australia and encompass Myer department stores, sass & bide and Marcs and David Lawrence (MDL). In addition to our Australian operations, we have sourcing offices located in China and Hong Kong. Myer’s online business is a significant asset that continues to deliver strong growth, now representing our largest store by sales.
Myer’s loyalty program, MYER one, has more than five million membership cards in circulation. Members earn Credits on purchases at Myer that convert into Reward Cards on a quarterly basis. For every $1,000 spent at Myer, Members receive a $20 Reward Card. Members can also earn MYER one Credits at MYER one affiliates and on purchases made with the Myer Credit Card.
A snapshot of the stocks on the move, featuring Encounter Resources (ASX:ENR), Myer Holdings (ASX:MYR) and Cleanaway Waste Management (ASX:CWY).
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The final step in Solomon Lew’s slow campaign to regain control of Myer (ASX:MYR) - 35 years after his first attempt failed - has been set in motion with Myer issuing an offer to Lew’s Premier Investments to buy some of his retail chains.
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A statement to the ASX on Monday revealed major changes to the board, including a new chairperson and two board nominees for the annual general meeting (AGM) on November 9.
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Myer (ASX:MYR) met its early August guidance for its July 2022-23 financial year with solid earnings growth but experienced a weak start to 2023-24.
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In its latest trading update, Australian department store chain Myer (ASX:MYR) has raised its profit expectations by an impressive 15 to 21 per cent for the financial year 2023. The updated profit forecast now ranges between $69 million and $73 million, reflecting the company's robust performance in the current financial year.
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Contrarily unexpected news in the boardrooms of Myer and Elders on Monday, with one losing and the other retaining its CEO.
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Myer delivered on Thursday what was arguably the best result from the retailing sector for the first half of the 2022-23 financial year, more than doubling net profit to $65 million.
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Myer has joined the list of retailers that did better than expected in the December half - surprising investors yesterday with its strongest sales figures for years.
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Retailer Myer Holdings met its full year 2022 guidance, paid its highest dividend to shareholders in six years, and says it has posted its best sales start to a new financial year since 2006.
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Two notable retirements in the local business world yesterday with the chairmen of both APRA and Woolworths hanging up the gold pen, while Myer upgraded its earnings forecasts.
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Department store operator Myer will pay shareholders a dividend for the first time in five years despite the company’s profits falling by 25% through the first half of the financial year.
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