Myer, Australia’s largest department store chain, has announced that it’s first-half profit for this year rose 52% on Christmas demand for clothing and lower interest payments.
Myer’s net income rose to $79 million in the six months ended January 26 from $52 million a year earlier.
Other financial highlights for Myer include:
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a doubling of capital spending on refurbishments and new stores to increase sales
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profitability has risen to its highest level in a decade
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a return of $560 million to its new owners by selling property, reducing inventory and renegotiating with suppliers.
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reduced interest payments by 24% to $37 million as Myer used the $605 million sale of its Melbourne downtown store site to reduce debt
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lease back space for its Melbourne outlet for $18.8 million a year
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sales for the half rose 1.8% to $1.8 billion
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profit margin, which measures earnings as a proportion of sales, rose to 8.3% in the half from 6.8% a year earlier
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opened three new stores last year, with four more expected in fiscal 2008
Read the full article in The Age, Business Day 27 March, 2008 on Myer finanacial results.
