MYER FIGHTS TO RECOVER FROM LOCKDOWN

MYER shares slumped almost 11 per cent after the department store owner revealed how the pandemic had strangled sales at its city stores.

Myer on Thursday reported net profit of $43m, up from $24.4m in 2020. The half-year results showed the retailer was hacking away at its costs, repairing its debt-laden balance sheet and accelerating its push online.

Revenue for the six months ended January 23 was down 13.1 per cent to $1.398bn, reflecting the effects of lockdowns.

Myer has continued to withhold dividends and there will be no interim payout to shareholders.

The department store owner said profit before costs and impairment of assets was up 8.4 per cent to $42.9m.

Comparable store sales were down 3.1 per cent for the first half, but up 6.3 per cent, excluding six CBD stores hit hard by lockdowns. Online sales grew 71 per cent to $287.6m, representing 21 per cent of total sales.

Myer accelerated its online push as the pandemic took a toll on sales and foot traffic at flagship city stores. Picture: RICHARD JUPE