The Myer share price is booming today, climbing over 25% after they announced their half-yearly results. Further to this, Myer CEO John King announced a reinstatement to the company’s dividend distribution of 1.5 cents per share; this represents the first dividend the company has announced since 2017 and displays a huge show of confidence in the Myer business model going forward.
As previously mentioned, Myer released their half yearly results today, the highlights of which include:
Total sales growth increased 8.5% to $1,517.4 million
Online sales growth increased 47.5% to $424.1 million
Operating gross profit growth of 7.8% to $582.2 million
Net profit after tax was up 55.2% to $32.3 million
Net cash on hand also increased $16 million to $217 million
To begin the second half of the financial year, Myer has seen sales dramatically increase both in the online and physical space, with trade growth increasing 15.3 per cent across the business.
Myer does not see significant inflationary pressures on their own products, however, they are more generally focused on broader inflation and rising costs of goods such as fuel and food, which subsequently leads to a decrease in consumer discretionary spending.
Myer’s CEO, John King, said: “The half year results we have announced today demonstrate the strength and resilience of the business providing continued momentum for future growth.”