Myer Holdings Ltd (ASX: MYR)

Setting up for a challenged Q2 2018: Myer Holdings got a little smashing during early trade on November 24, 2017, with the release of CEO’s and Chairman’s presentation to its shareholders wherein the group had highlighted about drop in retail sales growth over the past few years and a footprint reduction across its network. Group’s FY17 sales were indicated to have slipped by 1.4%, and flat on comparable basis. The operating gross profit was also down 2.8% to $1,220.4m. On the other hand, group’s cost of doing business (CODB) margin had improved by 54 basis points. Further, Omni channel online sales were up 41% in FY17. Meanwhile, investor, Solomon Lew’s representatives (Jeremy Liebler and Jeremy Lanzer) were attending the annual meeting and added fuel to the fire with regards to the latest debacle on MYR’s performance by grilling the board. While challenges still prevail, the group reiterated that it is tracking well on the five-year turnaround plan.

Nonetheless, MYR emphasised that trading conditions over period from November and into Christmas have been soft up till now, following the weak same-store sales that dropped 2.1% for the 13 weeks to October 28, 2017 while online sales in Q1 were up 67.8%. The quarter ending December 31, 2017 has been indicated to bring no respite. Meanwhile, the stock surged 1.4% close to end of trading.
 

Australian Retail Sales (Source: Company Reports)
 

Crown Resorts Ltd (ASX: CWN)

In discussions over CrownBet: Crown Resorts has lately signalled that the group has been in discussions concerning its interest in online bookmaker, CrownBet (62% owned by CWN) while no certainty exists about any transaction to eventuate. This has come as a response to the latest media speculation on consolidation in the online wagering industry, which might have brought CrownBet in focus. Many expect CWN to be in talks with William Hill (UK-based bookmaker) in this regard. Meanwhile, CWN had earlier reflected upon difficult trading conditions at its Australian resorts, with an impact from reduction in VIP program play revenue and soft economic conditions in Perth. The group’s FY17 earnings and profit after tax did suffer some set back owing to the shortcomings.
 

Ten Network Holdings Ltd (ASX: TEN)

Delists from ASX: Embattled free-to-air broadcaster, Ten Network Holdings traded for the last time on the ASX on November 24, 2017 and was delisted after market close at the back of its acquisition by CBS International Television Australia. The acquisition has been indicated to add Ten Network to CBS Corporation’s global content and distribution portfolios; and in addition to the primary free-to-air channel TEN, the deal includes the multi-channels ONE and ELEVEN, which performed strongly in the first half of 2017; and tenplay, which is Ten Network’s rapidly growing online catch-up and streaming service. The group’s stock has been on a downswing since mid of 2016. The group had been reporting huge losses at the back of write-downs.

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