Myer FY22 profit jumps, sales increase by 12.5 percent

Myer Total sales at Myer Holdings Limited for the 52 weeks to July 30, 2022, grew by 12.5 percent to 2,989.8 million Australian dollars, while comparable store sales rose by 15 percent.

Group’s online sales for the year increased 34 percent to 722.8 million Australian dollars, representing 24.2 percent of total sales.

Net profit after tax of 60.2 million Australian dollars, increased 30.7 million Australian dollars or 103.8 percent, while statutory NPAT was 49 million Australian dollars.

Commenting on the results, Myer’s CEO, John King, said: “The full year results demonstrate again how the Customer First Plan continues to deliver and continues to gain momentum, with our best second half profit result in nearly 10 years and another dividend paid to our shareholders.”

The company has declared a dividend of 2.5 cents per share, bringing the total FY22 dividend to 4 cents per share.

“Myer will again pay a dividend demonstrating our confidence in the momentum being built as we move into FY23, with department store sales growth in the first six weeks up 74.8 percent against last year and 21.8 percent over pre Covid levels demonstrating our best sales start to a new financial year since 2006,” King added.