Retail billionaire Solomon Lew appears to be back shopping for Myer Holdings shares, with stockbroker Blue Ocean Equities crossing 35 million shares – around 2% of the company – shortly before midday on Monday.

The trade was executed at 47.5 cents per share, and market sources suggest Lew was behind the move.

The purchase comes less than a week after reports that Lew was seeking to lift his 27% stake in the department store chain following a sharp sell-off triggered by Myer’s 30% profit slump to $36.8 million for the year to July 26.

Lew, who now holds his Myer stake in a personal capacity after Premier Investments distributed its 31% shareholding earlier this year, is permitted under creep provisions to acquire an additional 3% every six months without launching a takeover bid.

The move follows Myer’s struggles with its new distribution centre and sluggish sales from its recently acquired Apparel Brands, which include Just Jeans, Dotti, Jay Jays and Portmans.