Myer Holdings Limited: FY23 Results

Myer Holdings Limited (ASX: MYR) released its FY23 results, showcasing impressive growth and financial resilience. Total sales for the year amounted to AU$3,362.9 million, marking a substantial 12.5% year-over-year increase and surpassing FY19 levels by 12.4%. NPAT reached AU$71.1 million, an 18.2% YoY rise, the highest since FY15.In the face of challenging trading conditions in Q4 due to macroeconomic factors affecting consumer demand, 2H total sales still grew modestly by 0.4%. Myer's online sales accounted for AU$690.5 million, constituting 20.5% of total sales, reflecting a four-year CAGR of 27.4% from FY19, despite a 4.5% decline.

The company reported an operating gross profit growth of 6.9% to AU$1,224.6 million, with a margin of 36.4%. Cost of Doing Business improved to 24.5% of total sales, down 42 basis points YoY. Myer's fully franked final dividend of 1.0 cent per share brought the total FY23 dividends to 9.0 cents per share, a significant increase from the prior year, demonstrating solid financial performance and strategic progress.

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