Trading conditions still tough at Myer but Black Friday period was encouraging

Myer executive chair Olivia Wirth is encouraged by sales recorded during the major Black Friday shopping event despite challenging trading conditions observed in the first half of the 2025 financial year.

Ms Wirth told her first annual general meeting since being appointed to the top job in March that inflationary pressures, as well as a number of other factors, continued to make market conditions tougher.

“Whilst the importance of Black Friday in the retail calendar grows each year — starting earlier and featuring greater sales activity — Christmas remains a very important trading period, and a material determinant of our first half result,” she said on Tuesday.

“As we approach this period, the team remains very focused on preparations for Christmas, and we will provide the market with further detail in due course.”

The former Qantas loyalty boss also voiced her support for the proposed acquisition of Premier Investments’ apparel brands, Just Jeans, Jay Jays, Jacqui E, Portmans and Dotti.

If backed by shareholders, it will create a leading retail group with more than 780 stores across Australia and New Zealand, with a “large and highly engaged customer base”.

A vote on the deal with Solomon Lew’s Premier — Myer’s biggest shareholder — is expected in late January.

The potential tie-up was announced in June, just weeks into Ms Wirth’s tenure after she jumped ship from Qantas.

Ms Wirth on Tuesday reiterated the deal would be “transformational” for the 124-year old department store.

“We can fast track our strategic priorities by leveraging our complementary strengths to create one of the leading retail platforms across Australia and New Zealand,” she said.

“There is also opportunity to enhance and optimise the combined Myer group’s store footprint to drive further operating leverage and efficiencies.

“Myer’s exceptional e-commerce capabilities will help expand Apparel Brands’ online penetration and deliver incremental sales, and we will be adopting a disciplined cost management approach to drive efficiencies.”

If successful, the combined group will have a network of 783 stores and more than 17,300 team members.

Under the proposal, Mr Lew will return to Myer’s board as a non-executive director while also continuing to hold a 40 per cent stake in Premier. Premier will hold its AGM on Friday.

Mr Lew made an appearance at Myer’s AGM on Tuesday, the first time in almost a decade since Premier bought a stake in the department store eight years ago.

Myer was also taking “immediate steps” to improve the performance trajectory of its Sass & Bide, Marcs and David Lawrence labels — which were put up for sale earlier this year but ultimately retained.

Ms Wirth said these steps included resetting Sass & Bide as a concession and online model; closing unprofitable, stand-alone retail stores; and restructuring Sass & Bide’s support operations to remove duplication with Myer functions.