Myer shares rally 16% after its best result since 2014
Nick Sundich, March 9, 2023
Myer shares (ASX:MYR) rose 16% this morning and are up more than 160% in the last 12 months.
The company has shrunk significantly over the years but appears to have right-sized itself, if its 1HY23 results are anything to go by.
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Myer grows its profit by 101%
For the 6 months ending on January 28 2023, Myer recorded $1.9bn in overall revenue (up 24.2%) and an NPAT of $65m, the highest since 1HY23 and up 101%.
The company paid a dividend of 4c per share as well as a 4c per share special dividend.
It closed the period with a $267m net cash position (up $50m) and a favourable inventory position.
Myer told shareholders shoppers had shrugged off the cost of living crisis (so far) and return to stores over the Christmas shopping period, including CBD stores.
Although online sales declined by 9.8%, the $382.3m figure represents 31.5% 3-year CAGR growth and isn’t as sharp of a decline as other retailers.
Myer shares are performing well
As we mentioned above, Myer shares gained 16% today and are up over 160% in 12 months.
Myer (ASX:MYR) share price chart, log scale (Source: TradingView)
One holder of Myer shares who would be pleased is Solomon Lew. His investment vehicle Premier Investment now holds 25.79% of Myer shares, a figure that he recently topped up.
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