Myer Holdings Limited reports strong 1HFY23 results

On 09 March 2023, Myer Holdings Limited (ASX: MYR) announced its 1HFY23 results which showed:

• The total sales grew by 24.2% to AU$1,884.9 million.
• The group's online sales amounted to  AU$382.3 million, which was 20.3% of the total sales, and although there was a decline of 9.8% due to mandated lockdowns in the prior period, it still represents a 3-year Compound Annual Growth Rate (CAGR) of 31.5% since 1H20 (pre-COVID).
• The operating gross profit growth increased by 17.4% to AU$683.2 million. However, the margin decreased by 212 basis points to 36.3%, which includes the unfavorable impact of higher shrinkage and foreign exchange movements.
• The net profit after tax reached AU$65.0 million, which is an increase of AU$32.7 million or 101.4%.
• The company has declared a fully franked interim dividend of 4.0 cents per share and an additional fully franked special dividend of 4.0 cents per share, utilizing significant accumulated franking credits.

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