Operating gross profit surged 35.1 per cent to $886.0 million, while underlying earnings before interest and tax (EBIT) rose 10.5 per cent to $112.8 million. Underlying net profit after tax (NPAT) increased 21.7 per cent to $51.7 million, with statutory net profit after tax (NPAT) up 32.8 per cent to $40.3 million.
Myer has reported strong H1 FY26 results, with total sales rising 24.5 per cent to $2,279.5 million and NPAT up 21.7 per cent to $51.7 million.
Growth was supported by Apparel Brands integration and strategic investments.
Loyalty members reached 5.1 million.
Early H2 FY26 sales rose 1.7 per cent, though the company remains cautious amid macroeconomic pressures and weak discretionary demand.
The company maintained strong financial discipline, with cost of doing business at 27.9 per cent of total sales, within its FY26 target of around 29 per cent. Myer also reported a robust net cash position of $287 million, reflecting strong cash conversion and balance sheet flexibility, Myer said in a press release.
Myer’s ongoing transformation strategy continued to gain traction during the period, particularly through its customer engagement and brand expansion initiatives. The relaunched Myer one loyalty programme reached a record 5.1 million active members, supported by enhanced personalisation driven by AI-led data modelling.
The company also strengthened its product portfolio, introducing new exclusive brands and securing partnerships with global names such as Fenty Beauty, La Mer, Gap, and Topshop.
“Our H1 result reflects momentum across our business as we continue to implement the Myer Group Growth Strategy. Sales growth was achieved both in store and online, and our disciplined cost management allowed us to make targeted investments including in e-commerce, marketing, product, merchandise and supply chain to deliver on our plan,” said Olivia Wirth, executive chair at Myer.
“We achieved our biggest Black Friday on record for Myer Retail, and total sales for the group through the important trading months of December and January were in line with last year—a good outcome that demonstrates the resilience of the business,” added Wirth.
The integration of Myer Apparel Brands progressed steadily, with the company targeting at least $30 million in annualised synergies, alongside an additional $10 million from integrating sass & bide, Marcs, and David Lawrence.
Operationally, Myer continued to optimise its store network, closing 22 stores and opening 12 during the period, while advancing its omni-channel capabilities. The company is set to launch an expanded Myer Marketplace platform in May 2026.
Supply chain efficiency also improved, with 32 per cent of online orders fulfilled through third-party logistics and distribution centres, compared to 13 per cent a year earlier.
In the first seven weeks of the second half (H2), total sales grew 1.7 per cent YoY, with Myer Retail sales up 2.2 per cent, driven by strong performance in home and kids categories.
Despite the positive momentum, the company remains cautious amid macroeconomic uncertainty and pressure on discretionary spending.
“Given the current volatility in the wider macroeconomic environment and the ongoing pressures on discretionary spending, we are more focused than ever on delivering value for our customers,” added Wirth.
Fibre2Fashion News Desk (SG)
