November 24, 2017 / 1:06 AM / a year ago

Australia's Myer says tough conditions to continue

Nov 24 (Reuters) - Australia’s biggest department store chain, Myer Holdings Ltd, said on Friday challenging conditions would continue into the second quarter, as it prepared for a crucial vote on the shape of its new board at its annual general meeting.

Chairman Paul McClintock asked shareholders to respect the outcome of the vote, held amid a revolt from major shareholder Solomon Lew.

The billionaire investor has demanded a greater say on the board of the 117-year-old retailer since it posted its worst profit as a listed company in September. (Reporting by Shashwat Pradhan and Aditya Soni in Bengaluru; Editing by Stephen Coates)

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