Privatised Myer eyes float

Myer's new chief executive says the retailer could float on the Australian Stock Exchange within three to five years.

Retail giant Coles Myer sold the chain of 60 Myer department stores to private equity group Newbridge Capital for A$1.4 billion ($1.63 billion) in June, with the Myer family taking a 10 per cent stake.

Bernie Brookes said yesterday the business would not list unless it could guarantee improved earnings before interest, tax, depreciation and amortisation (ebitda) performance.

He said sales revenue and bottom line profits were running above expectations. The company was now a much tougher negotiator with its suppliers. "Our business is about buying product at a better price and adding more value for our customers so we have been more tougher in the way we've dealt with our suppliers."

- AAP