Myer reports 24.45 percent sales increase following brand integration

Australian department store Myer Holding Limited has released its financial results for the first half of 2026, a period ended January 24, 2026. The group reported total sales of 2,279.50 million Australian dollars (1,586.10 million dollars), representing a 24.45 percent increase compared to the prior corresponding period.

This significant growth was primarily driven by the inclusion of Myer Apparel Brands for the full six-month duration. On a pro forma basis, which allows for a like-for-like (LFL) comparison by including the apparel brands in both periods, total sales rose by 2.10 percent.

Strategic expansion supports profitability

The integration of the apparel portfolio, which includes labels such as Just Jeans, Portmans, and Dotti, has bolstered the group's market position. Operating gross profit rose by 35.10 percent to 886 million Australian dollars. The group noted that results were impacted by a mix shift toward lower-margin categories and targeted promotions to clear legacy inventory ahead of a brand relaunch.

Underlying earnings before interest and tax (EBIT) reached 112.80 million Australian dollars, a 10.50 percent improvement. However, pro forma EBIT was 17.20 percent lower than the previous year, reflecting deliberate investment in strategic initiatives and omnichannel growth. Underlying net profit after tax (NPAT) stood at 51.70 million Australian dollars, up 21.70 percent.

Omnichannel and loyalty milestones

Executive chair Olivia Wirth highlighted the resilience of the business during a record Black Friday period for the retail division. The group’s loyalty program, Myer One, achieved a record tag rate of 80.90 percent within Myer Retail and increased its active member base to 5.10 million individuals.

The group's E-commerce performance remained strong, with online sales for the group increasing by 18 percent. Within the department store segment, online sales grew by 5.80 percent, supported by a 9.30 percent rise in the marketplace platform. A new Myer Marketplace platform is currently on track for launch in May 2026.

Wirth noted that the group is focused on delivering value amid macroeconomic volatility and pressures on discretionary spending.

For the first seven weeks of the second half of 2026, total sales for the group have increased by 1.70 percent versus the pcp. While Myer Retail saw 2.20 percent growth driven by the home and kidswear categories, Myer Apparel Brands saw a slight decline of 0.40 percent due to mixed brand outcomes, though Just Jeans continued to perform well with a 9.80 percent increase.

The board has declared a fully franked interim dividend of 1.5 cents per share.