Despite the impact of macroeconomic headwinds on sales, margin and cost of doing business, Myer expects to report net profit after tax (NPAT) of between $69 million and $73 million for the 52 weeks to 29 July 2023, an increase of 15% to 21% compared to the previous corresponding period.

In its latest trading update, Myer reported sales growth of 12.5% for the year to 29 July 2023, compared to the 12 months prior. However, growth slowed significantly in the second half, only edging up 0.4%.

During the 52 weeks, group online sales were down 4.5% to $690 million reflecting the favourable impact of store closures in 1H22. However, sales returned to growth of 3.2% in the second half and now represent 20.5% of total sales.

Myer CEO, John King said, “Myer’s Customer First Plan has continued to deliver both positive sales growth and profit growth in FY23, despite the prevailing macroeconomic headwinds that have buffeted the retail sector throughout the second half.

“We continue to tightly manage costs, inventory and cash to ensure we have a strong balance sheet as we begin FY24 where we expect ongoing uncertainty to persist.”

Myer expects to release its final results during September 2023.