Myer (MYR) AGM 2025 summary

Opening remarks and agenda

• Meeting commenced with a welcome and outlined agenda including the Executive Chair's address and formal business items.

Financial performance review

• FY25 total sales reached $4,076m, with operating gross profit at $1,642m and underlying EBIT at $174m.

• NPAT was $22m, excluding a $213.3m non-cash impairment related to the Apparel Brands transaction.

• Net cash position stood at $168m, and a dividend of 2.5cps was declared.

• For the first 19 weeks of 1H26, group sales rose 3.0% year-on-year, with Myer Retail up 3.4% and Apparel Brands up 1.3%.

• Online sales showed high single-digit growth, with record Black Friday performance in Homewares and Womenswear.

Strategic initiatives and plans

• Growth strategy centers on a data-powered retail platform, customer loyalty, and omni-channel experience.

• MYER one loyalty program relaunched, app launched, and active members increased to 4.9 million.

• Expanded loyalty partnerships and introduced new brands in Beauty, Womenswear, and Menswear.

• Transitioning marketplace platform to Mirakl and planning a major beauty hall renewal at Sydney City store.

• Third-party logistics arrangements operating well, with ongoing proof of concept for long-term NDC solution.