Myer has reported its best second-half profits in close to a decade, with strong sales continuing into the first six weeks of the new financial year.

The company has also announced it will resume paying a final dividend.

Myer reported FY22 revenue of $2.989 billion, a 12.5 per cent jump, with profits up 16.5 per cent to $60.2 million.

This is despite 11.4 per cent of the store’s trading days being sacrificed to lockdowns.

This $60.2 million net profit is higher than the company’s own July forecast of $55-60 million; after adjusting for JobKeeper payments, it is up an impressive 103.8 per cent on 2021.

Second half sales were up 16.8 per cent, with the $27.9 million net profit the highest second-half performance since 2013, up 219 per cent on the second half of FY21.

This strong sales growth has continued into the new year, with sales in the first six weeks up 74.8 per cent from the same time last year.

Implementation costs and one-off costs of $11.2 million, including pandemic closures, exit costs, and asset impairments, resulted in statutory net profit after tax of $49 million, up 5.7 per cent from the year prior.

Myer declared a final dividend of 2.5 cents a share, payable on November 7.

Online sales helped strengthen the company, up 34 per cent to $722.8 million, and representing 24.2 per cent of total sales.

Operating gross profit leaped 8.5 per cent to $1.145 billion, with margin decreased 141 basis points, to 38.3 due to COVID costs, and increased promo costs.

“We have clearly established strong digital and data credentials in recent years, evidenced by the growth in online and Myer One, however the true strength of our business is its multichannel opportunity,” said CEO John King.

“The combination of our online performance and our store network returning to growth has allowed us to navigate the early challenges in the year and importantly capitalise on the new opportunities arising.

“Myer will again pay a dividend demonstrating our confidence in the momentum being built as we move into fiscal 2023, with department store sales growth in the first six weeks up 74.8 per cent against last year and 21.8 per cent over pre Covid levels demonstrating our best sales start to a new financial year since 2006.

“Despite the broader economic uncertainty, we are well placed with the right value based proposition of affordable and aspirational brands, a performing store and online offer underpinned by a leading loyalty program providing greater value and choice for our customers.”