Australia's Myer reports $38.4 million H1 profit
Australia's biggest department store operator Myer reported its first half profit on Wednesday, as efforts to boost online sales began to show results.
Myer’s net profit came in at A$38.4 million for the six months to January 26, compared to a loss of A$476.2 million last year.
Excluding one-off items, Myer posted an underlying net profit of A$41.3 million, compared with A$40.1 million a year ago.
Total sales fell 2.8% during the period to A$1.67 billion.
Myer’s chief executive officer John King said: ‘For the next period, we will be continuing to improve the online experience, better matching the store range, including concessions, and making further improvements to fulfilment,’ Mr. King said.
The retail giant expects its sales for the second half of the financial year to be impacted by the exit of several brands. It comes after Myer faced difficulty keeping up with competition from online retail stores such as Amazon.com and H& M.
Myer shares soar after solid profit
Myer Holdings Ltd surged as much as 20.7% on Wednesday, following a solid H1 net profit. Shares rose to A$0.495, the highest since October 2018.
Myer stock opened higher on Wednesday morning, posting irs biggest intraday percentage gain since September 13, 2018.
Myer stocks were among the biggest percentage gainers on the ASX All ordinaries Index on Wednesday, a stark contrast to previous sessions, where Myer had previously been the ninth most shorted stock in Australia on February 25, according to Reuters data.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
Seize a share opportunity today
Go long or short on thousands of international stocks.
- Increase your market exposure with leverage
- Get spreads from just 0.1% on major global shares
- Trade CFDs straight into order books with direct market access
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
