Shares in department store Myer were hit hard in early trade.

AT the close, they were down 10.1% to $0.355.

Myer, whose share price has been under pressure from results showing slowing sales, was caught in the local market slump over fears of an escalating trade war.

The retailer this week reported a loss of $476.22 million for first half, driven largely by a $515 million impairment, with sales down 3.6% to $1.72 billion. Dividends are cancelled.

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