Unfortunately for its shareholders, the Myer Holdings Ltd (ASX: MYR) share price has continued to slide lower.
In afternoon trade the department store operator's shares have fallen close to 3% to 84.5 cents.
This latest decline means that Myer's shares have now lost 38% of their value since the turn of the year.
Investors have been heading to the exits in their droves ever since the company released its third-quarter update.
That update revealed an acceleration in its sales decline. Third-quarter sales fell 3.3% on the prior corresponding period, bringing its year-to-date decline to 1.3%.
Management blamed the weaker-than-expected result on challenging trading conditions, the negative impact of severe weather in Queensland and Northern New South Wales, and the under-performance of its sass & bide brand.
Unsurprisingly, Myer is currently one of the most shorted shares on the Australian share market.
