The ASX 200 has jumped on Tuesday as a major Australian retailer’s share price nosedives after its profit tanked in the 2025 financial year.

The index is up 0.1 per cent after the first 50 minutes of trading.

Myer has shed 21 per cent after it reported a dive for the 12 months to July 12 amid weak consumer spending, higher wages, rent costs and supply chain constraints.

The retailer reported a statutory loss of $211m, driven by the $213m purchase of clothing outlet Apparel Brands – which owns Just Jeans, Jay Jays, Dotti, Portmans and more – and $34.7m of restructuring costs.

Excluding the financial setbacks, Myer posted a net profit of $36.8m for the year, down 30 per cent from the 2024 financial year.

Myer executive chair Olivia Wirth said the company’s poor result came in a “transit

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