Skip to content

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

Where next following Myer’s latest Covid-19 business update?

We examine the implications of Myer’s latest 'Covid-19 Business Update.'

(ASX: MYR) Source: Bloomberg

Iconic Australian retailer Myer (MYR) today announced that from 27 May onwards, it would be reopening all bar one of its retail stores. Myer had previously trialled a staggered approach to reopening its store network, reopening 24 of its stores in recent weeks.

The only store that would not be reopening from 27 May onwards is Myer's Karrinyup store, due to refurbishment works being completed. The Karrinyup store is set to reopen on 30 May.

Speaking of some the changes that will be put in place as part of this reopening plan, the company said:

'All stores will operate in a manner that protects the health and wellbeing of customers and team members, with enhanced Saftey and cleaning measures. These enhanced measures include increased frequency of cleaning, protective items such as hand sanitiser stations, social distancing and contactless payments.’

Looking forward, the company further noted that it would continue monitoring Covid-19 related developments as well as continue to take on board the advice from state and federal governments.

'The health and wellbeing of Myer customers, team members, their families and the broader communities in which Myer operates remains our absolute priority, and Myer is fully supportive of the continuing government and community efforts to prevent the spread of COVID-19,' the company said.

Myer share price rises, though remains well off recent highs

The response from investors to today’s announcement was a decisively optimistic one, with the Myer share price finishing out the session 7.41% higher, at 29 cents per share.

For reference, at its 52-week low MYR traded at just 8.3 cents.

The company further noted – without quantifying – that during the recent period of store closures its online businesses had performed strongly.

Mind you, though Myer has struggled overall as a result of the coronavirus pandemic, other retailers, such as online-only diversified retailer Kogan (KGN) has actually thrived.

For example, as part of Kogan’s recent business update covering the April month and on a year-over-year basis, the company saw:

  • Gross sales rise by more than 100%
  • Gross profits rise by more than 150%
  • Active customers hit 1,948,000

'The Company continues to invest heavily in building its brand and growing Active Customers - as a result April recorded the Company's largest ever monthly marketing expense.’

Marketing expense or not, over the last month the Kogan (KGN) share price has risen over 30%, and in the last three months, close to 80%.

How to trade retail stocks

Where do you stand: are you bullish or bearish on Australian retail stocks? Trade accordingly. For example, you can trade Kogan, Myer and JB Hi-Fi shares – both LONG and SHORT – through IG’s world-class trading platform now.

To buy (long) or sell (short) Myer with CFDs, follow these simple steps:

  1. Create an IG Trading Account or log in to your existing account
  2. Enter ‘Myer’ in the search bar and select it
  3. Choose your position size
  4. Click on ‘buy’ or ‘sell’ in the deal ticket
  5. Confirm the trade

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.

Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

Seize a share opportunity today

Go long or short on thousands of international stocks.

  • Increase your market exposure with leverage
  • Get spreads from just 0.1% on major global shares
  • Trade CFDs straight into order books with direct market access
Learn more

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Tuesday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

<h3>How much does trading cost?</h3>
<h3>Find out about IG</h3>
<h3>Plan your trading</h3>

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.