Myer wins more than doubles with best result since 2014

Department store Myer is bullish on the trading environment after posting a 101.4 percent increase in net profit for the first half, the strongest result since 2014.

Chief Executive John King said Thursday morning that while the company is cautious about the broader economic environment as pressure on the cost of living mounts, the retailer has seen sales rise 16 percent in the eight weeks following Christmas.

“We’re excited about the momentum we’re creating […] and we have a strong pipeline of upcoming initiatives that will ensure we are well positioned for the future,” King said in a statement to the ASX.

Myer posted net income of $65 million for the six months ended January, up from $32.7 million a year ago. Revenue rose 24.2 percent to a record $1.8 billion. The record result was marked last month.

The company rewarded investors with a special dividend of 4 cents per share for half, in addition to an interim dividend of 4 cents — bringing the total payout to 8 cents.

King said the payment shows the confidence Myer has in its momentum as it approaches the rest of 2023.

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A recovery in the group’s city stores drove results, with sales at CBD locations up 53.7 percent compared to the same time last year when COVID lockdowns and people working from home affect trade. Excluding the impact of COVID restrictions, sales were up 20 percent.

Myer’s online sales fell 9.8 percent in half, but still account for $382.3 million of Myer’s revenue, with online transactions up 31.5 percent compared to three years ago are.