Myer reports sales and profit growth in H1

For the six months period to January 29, 2023, total sales growth at Myer Holding was 24.2 percent to 1,884.9 million Australian dollars.

The company said that the group’s online sales were 382.3 million Australian dollars or 20.3 percent of total sales, a decline of 9.8 percent due to mandated lockdowns in the prior period, but represents a three year CAGR of 31.5 percent from the first half of 2020.

Operating gross profit growth for the first half was 17.4 percent to 683.2 million Australian dollars; while margin decreased by 212 basis points to 36.3 percent. Net profit after tax was 65 million Australian dollars, an increase of 32.7 million Australian dollars or 101.4 percent.

Commenting on the results, Myer’s CEO, John King, said: “We are very pleased with the strength and quality of our first half results, with a best-on-record first half sales performance, significantly improved profitability and a balance sheet that continues to provide a strong foundation for future growth.”

Myer has declared an interim dividend of 4 cents per share and an additional special dividend of 4 cents per share, utilising accumulated franking credits.

In the eight weeks post Christmas, the company added that department store sales are up 16.1 percent over the corresponding period in the prior year.

“Our ordinary fully franked dividend and additional special dividend demonstrates the confidence in the momentum being built as we move through FY23, with department store sales growth in the eight weeks post Christmas up 16.1 percent over the corresponding period in the prior year; continuing to deliver sales momentum despite tightening economic conditions,” added King.