- Myer Holdings (MYR) will pay a dividend for the first time in four years as it sees an 8.5 per cent sales growth to $1.5 billion in the first half of FY22
- The department store will pay a fully franked dividend of 1.5 cents per share to its shareholders
- Over the first half, Myer saw its online sales jump 47.5 per cent to $424 million, which now represents 28 per cent of its total sales
- Myer has also said in the first five weeks of the second half, its sales are up 15.2 per cent, with stores up 9.3 per cent and online up 48.6 per cent
- Myer is up 20.1 per cent on the market today and trading at 49.3 cents
Retailer Myer Holdings (MYR) shares have jumped today after announcing a dividend for the first time since 2017.
Myer will pay its shareholders a fully franked dividend of 1.5 cents per share, which is the first return in four years.
The department store recorded sales growth of 8.5 per cent to just over $1.5 billion in the first half of FY22, with online sales growing 47.5 per cent to $424 million.
Myer said its online sales now represent 28 per cent of its total sales and are on the way to reaching a $1 billion goal in annual sales.
Overall sales in the lead-up to Christmas saw a 17.1 per cent growth over the December-January period.
Net profit fell 24.7 per cent to $32.3 million for the period, however, taking out the impact of JobKeeper income from the previous period, net profit after tax increased 55.2 per cent.
“The half year results we have announced today demonstrate the strength and resilience of the business providing continued momentum for future growth,” CEO John King said.
“The combination of our online platform and store network performed well in navigating the challenges faced during the period including disruptions caused by government-mandated lockdowns to mid-October, the emergence of Omicron in late December, and the mitigation of major supply chain disruption and staffing availability in early 2022.”
Myer also indicated that its first five weeks of trading in 2022 calendar year was promising with a strong growth of return in stores and online.
Currently, Myer sales are up 15.2 per cent, with stores up 9.3 per cent and online up 48.6 per cent.
“Despite the initial impact of Omicron in early January, we have returned to a growth trajectory – delivering 15.2 per cent sales growth in the first five weeks of trade in the second half across both stores and online,” Mr King said.
On the market, Myer was up 20.1 per cent and trading at 49.3 cents a share at 1:12 pm AEDT.