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Myer posts $79m profit

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Myer

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:

  • a doubling of capital spending on refurbishments and new stores to increase sales
  • profitability has risen to its highest level in a decade
  • a return of  $560 million to its new owners by selling property, reducing inventory and renegotiating with suppliers.
  • reduced interest payments by 24% to $37 million as Myer used the $605 million sale of its Melbourne downtown store site to reduce debt
  • lease back space for its Melbourne outlet for $18.8 million a year
  • sales for the half rose 1.8% to $1.8 billion
  • profit margin, which measures earnings as a proportion of sales, rose to 8.3% in the half from 6.8% a year earlier
  • 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.

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