Myer (MYR) Investor Strategy Day summary

Strategic transformation and leadership

• Undergoing a phased transformation to reset operations, rebuild leadership, and enhance team skills, with a new executive team focused on customer-centricity and accountability.

• Completed a comprehensive strategic review and combined with Apparel Brands, resetting the base for growth and enhancing scale and profitability, with FY24 pro forma sales of $4.1bn and EBIT of $250m.

• Leadership incentives are now closely tied to shareholder returns and transformation outcomes.

• Focused on three pillars: resetting the base, driving growth, and building competitive advantage over the next 3–5 years.

• Leadership team with deep retail turnaround expertise is in place to execute the transformation.

Financial discipline and capital management

• Enhanced scale and diversity post-integration, with a strong balance sheet, $301m net cash (1H25), and a new AUD 150 million revolving facility.

• Focus on leveraging scale for cost reduction, margin improvement, and disciplined capital allocation, targeting top quartile TSR in Australian retail.

• FY2026 capital investment of AUD 70-80 million planned for key priorities, with excess capital to be returned to shareholders.

• Centres of Excellence established to drive best practice, cost efficiency, and operational excellence.

• Financial KPIs: sales growth, GP margin expansion, CODB reduction, ROIC above WACC, and net cash maintenance.

Growth strategy and market positioning

• Operating in five core retail markets, aiming to broaden appeal beyond the 44-59 age group, especially targeting under-30s and high-spending 31-43-year-olds.

• Four strategic pillars: customer loyalty, products and brand, omnichannel network, and sourcing/supply chain, with a data-powered retail platform.

• Aims to build an unmatched retail engine in Australia, leveraging customer insights for sustained TSR and earnings growth.

• Focused on customer-centric growth, digital innovation, and operational efficiency.

• Key FY26 priorities: MYER one relaunch, new MEB brands, Beauty Hall launches, shoppable app, and supply chain optimisation.