- Myer (MYR) forecasts a net profit after tax of up to $50 million in its FY21 annual report, despite the impact of COVID-19
- The Australian retailer’s unaudited results show $2.65 billion worth of sales have been recorded over the year, a 5.5 per cent increase on FY20
- Online sales made up a fifth of all sales, while Myer’s earnings before interest, taxes, depreciation and amortization is likely to top $174 million
- MYR says it ended the year with a positive net cash position of $112 million, while also flagging long-term plans to refinance
- Myer shares are trading 11.7 per cent in the green at 52.5 cents each
Myer (MYR) is expecting to table a net profit after tax of up to $50 million in its FY21 annual report, despite the impact of COVID-19.
The Australian retailer released an unaudited results preview on Thursday, stating its NPAT should hit between $47 million and $50 million.
In comparison, Myer ended FY20 with an $11.3 million loss, as declining sales and the pandemic hampered the company’s bottom line.
Myer expects its earnings before interest, taxes, depreciation and amortization to total between $174 million and $179 million for FY21.
Sales across the year totalled $2.65 billion, a 5.5 per cent increase year on year, while online sales hit $539.5 million — making up over a fifth of all sales.
CEO John King said it was a strong result considering the multiple lockdowns enacted across Australia in response to the pandemic.
“Our customer first strategy continues to gain momentum, delivering a significantly improved full year profit result, despite the ongoing COVID impacts in FY21,” Mr King said.
Myer finished FY21 with a positive net cash position of approximately $112 million, well above $8 million it had on its balance sheet at the end of FY20.
The retailer also flagged long-term plans to refinance, after extending its syndicated finance facility to November 2022.
Shares in Myer were trading 11.7 per cent in the green at the close of market on August 12, at 52.5 cents per share.