Myer has responded to an AFR report on Thursday stating that the department store had seen a decline in its first-quarter sales for FY19.

The business stated in a release on the ASX that these leaked results were based on incomplete information and clarified that it had seen sales value drop by 4.8 per cent compared to FY18, down 4.3 per cent on a comparable store basis.

Online sales grew by 3.6 per cent during the period.

Following the AFR report, Myer shares fell to $0.45, down from $0.465 on close of business Wednesday, before a trading halt was issued.

Myer also stated that the business has incurred an NPAT loss in the first quarter for the past five years and that the second quarter represents the most important contribution to its full-year profits.

ASX guidelines require listed companies like Myer to disclose to the market if they are reasonably aware they will fall short of underlying profit by between 5 and 10 per cent compared to the prior corresponding period. The AFR posited that a first-half underlying profit of $36 million or less should be instantly disclosed.

Myer said it is “well aware” of its continuous obligations and is in compliance with them.

Premier Investment’s Solomon Lew has repeatedly called for Myer to disclose its first quarter results in anticipation of the department store’s upcoming annual general meeting to ensure shareholders have the information they require to vote confidently.

Myer was contacted for comment but had not responded at the time of this writing.

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