Myer
(ASX:MYR) released their results today showing net profit after tax up 3.1 per cent to $41.3 million, better than analysts expectations for the first half 2019 results.
Total sales are down 2.8 per cent to $1.67 billion; comparable store sales down which are down 2.3 per cent.
Online and omnichannel sales are up 18.6 per cent to $151.2 million.
As a result, earnings before interest and tax rose 2.8 per cent to $63.8 million.
The company left behind unprofitable products such as furniture and bedding to focus on apparel, beauty and private-label goods and closed a number of concessions.
Same-store sales fell 2.3 per cent in the half after falling 3 per cent in the year-earlier period.
Myer declared no interim dividend for the second year in a row.
Shares in Myer
(ASX:MYR) are trading 17.01 per cent higher at 48 cents.
