Myer posts larger loss as Middle East conflict fuels cost pressures

The department-store chain Myer disclosed a statutory net loss of $276.5 million for fiscal 2026, worsening the $205 million loss recorded in the prior year. The retailer, which runs 56 outlets across Australia, blamed the result on a combination of cost-of-living pressures, including higher fuel prices stemming from the Middle East war, three successive interest-rate increases, slower growth in household incomes and a weakened housing market.

Executive chair Olivia Wirth said the outcome matched guidance issued in July, which had already highlighted the impact of global events on the second-half sales. Despite the loss, Myer’s total sales, including in-store concessions, reached $4 billion, a 0.7% rise on a comparable basis. The company did not declare a final dividend for the 52-week period ending July 25, after paying an interim dividend of 1.5 cents.