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Myer has been forced to defend itself before financial regulators.

Share market operator ASX has grilled the department store over the timing of its profit downgrade.

Myer recently downgraded its full year profit forecast to between $75 million and $80 million.

This is significantly lower than market expectations of a $90 million million profit.

Myer claimed the market was advised about the earnings as soon as possible.

Myer said the forecast was revised one day prior to releasing its half year results.

This followed concerns the weaker forecast was not issued when it announced the appointment of new CEO Richard Umbers weeks prior.

"Myer only became aware of the need to update the market on its expected FY 2015 results late on the day before the scheduled announcement of the H1 FY 20 15 results," it noted in a statement.

"Appropriate processes have at all times been in place to monitor Myer’s financial performance on an ongoing basis and regularly assess Myer’s expectations against market expectations, as measured by analysts’ consensus."

It confirmed the forecast was issued before the market open the following day and did not breach disclosure rules.

"Myer considers that its processes are robust, efficient and consistent with market practice," it stated.

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