Myer announced its results for 2017/18 and they don't look good. We found it quite surprising how little commentary was provided to cover "Implementation costs and individually significant items", totalling over $540 million. These included a $515 million goodwill impairment - a big number when compared to the current market capitalisation of around $360 million. The 'Customer First' plan sounds like mere retail 101 rather than a strategy. The key to Myer's issues resides in onerous leases and overspending on technology.