Department store chain Myer Holdings Ltd
(ASX:MYR) has reported a 2% rise in sales to $1.797 billion for the first half of fiscal 2010.
The company says sales were strong in November 2009 and particularly January 2010, however fell in December reflecting both a challenging pre-Christmas trading environment and the anniversary of the Federal Government stimulus package.
Myer says it expects earnings before interest and tax for the first half of the 2010 financial year to be over 10% higher than the same time a year ago.
The company, which listed on the ASX in November, says it is on track to achieve earnings before interest and tax of $261 million in fiscal 2010.
CEO Bernie Brookes says that while December sales were disappointing, the business performed very strongly in January and the Stocktake sale was a great success.
Myer reported net profit after tax of $104 million for the 2009 financial year.
