Myer Holdings Ltd (ASX: MYR) shares are surging on Tuesday. At the time of writing, the Myer share price is trading 9.46% higher at 40.5 cents.
The embattled retailer has not announced any price-sensitive news since its half-year results back in March.
Let's take a look at what else might be propping up Myer shares.
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Is this driving the Myer share price?
According to a report published late yesterday by the Australian Financial Review (AFR), Solomon Lew has been buying up Myer shares through Premier Investments Limited (ASX: PMV).
On Monday, Myer recorded more than 40 million shares changing hands, or approximately 5% of its 819.9 million shares outstanding.
Lew is the chair and largest shareholder of Premier Investments which, up until yesterday, already held a 10% stake in Myer.
According to the AFR, "Premier Investments is understood to be keen to increase its stake, to once again seek to bring about change at the struggling retailer."
A comeback in the making?
Surprisingly, the Myer share price has rallied more than 14% in the new financial year, reaching an 18-month high of 42.5 cents in intraday trading today.
The company's share price was also a solid performer in FY21, lifting 92% from 18.5 cents to 35.5 cents by 30 June.
Looking back at Myer's half-year results, the company flagged a 13.1% decline in sales to $1,398 million, driven by store closures and reduced CBD footfall.
Its comparable CBD store sales were far worse, down 32.2% due to a restricted CBD workforce, reduced tourism and subdued confidence from continued lockdowns.
On a more positive note, Myer's online division delivered $287.6 million in sales for the half-year, up 71.0% against the prior corresponding period.
The company said that its online sales provides "a strong platform to drive further growth and remains [a] focus of future investment".
