Myer has more than doubled its net profit in the six months to January 28, echoing David Jones’ strong first-half showing.
Shares jumped 8.9 per cent on the opening of the ASX this morning, reaching as high as 18 per cent up, before settling at noon at $1.08 a share, up 13.6 per cent.
Sales for the first-half of the financial year rose 24.2 per cent, to $1.88 billion — a new record — while net profit jumped an impressive 101.4 per cent, to $65 million. EBIT jumped to $139.6 million from $96.7 million.
This marks the department store’s best first-half performance since 2014.
CBD stores performed the best for Myer, with sales up 53.7 per cent for the half. Even with lockdown periods excluded, CBD sales rose an impressive 20 per cent, showing that shoppers are returning to malls.
As a result of this return to brick-and-mortar outlets, online sales dropped 9.8 per cent to $382.3 million.
Sales for the first eight weeks of the second half of FY23 continued to be strong, up 16.1 per cent year-on-year.
Myer declared an interim dividend of 4c per share, compared to just 1.5c last year. In addition, the department store giant announced a special dividend of 4c per share. Both will be paid on May 11.
“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,” said Myer chief executive John King.
“The result reaffirms our view that the Customer First Plan is the right strategy, which continues to deliver strong outcomes for our business and shareholders.”
