Myer NPAT up 3.1 per cent to $41.3 million

Company News

by Rachael Jones

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.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.