Myer posts 38 per cent profit increase

In its latest financial results announcement, Myer has recorded an impressive 38 per cent uplift in net profit to $115 million for the six month period ending 23 January 2010.

Sales for the retailer were also on the increase with a two per cent growth to $1.797 billion and EBIT was up 11 per cent to $181 million over the period.

Bernie Brookes, Myer chief executive officer, said that he was very pleased with the results and the efforts of his staff.

“On behalf of the Myer team, I am pleased to report the seventh successive half year of strong profit growth since the acquisition of Myer from Coles Myer Ltd,” he said.

“We are pleased to report a 38 per cent increase in net profit after tax and EBIT growth of close to 12 per cent, achieved despite the challenging pre-Christmas trading environment. We finished the period with $144 million of cash and a clean inventory position.”

Despite this positive result, Brookes was still hesitant about the future of the economy.

“We remain cautious about the outlook for the second half of FY10,” he said.

“We are entering a period during which we cycle the second and more significant Federal Government Stimulus package, further interest rate rises are widely anticipated, and the consumer remains wary.”

Brookes still believes that Myer will achieve growth in the future.

“Against this backdrop, and despite the sales trend for the six weeks of the second half 2010 being ahead of the two per cent growth reported in the first half 2010, we anticipate total sales growth in the second half of the year to be in the range of 0-2 per cent and the full year to be up 1-2 per cent,” he said.

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