Myer has reported its worst annual loss in almost a decade, posting a statutory net loss of A$276.5 million for fiscal 2026 as cost-of-living pressures reduced consumer spending. Despite the result being worse than expected, the 126-year-old department store is continuing with a major transformation plan combining its traditional stores with a portfolio of speciality fashion brands, arguing that the strategy should create long-term value.

The loss was attributed to higher fuel costs linked to the Middle East conflict, three interest-rate rises, slower household income growth and a weaker housing market. Annual sales reached about A$4 billion, helped mainly by concessions and the online marketplace, while sales at Just Jeans rose 6 per cent; however, Portmans struggled and beauty sales declined. Myer plans to use technology and artificial intelligence to reduce costs, extract synergies from its nearly A$900 million brand acquisition and rely on Christmas gifting demand, although its shares remain around 62 per cent lower than a year earlier.