Myer (MYR) H1 2026 earnings summary

Executive summary

• Total sales grew 24.5% to $2,279.5 million, with pro forma growth of 2.1% year-over-year, reflecting the integration of Myer Apparel Brands and resilience amid macroeconomic headwinds.

• Operating gross profit increased 35.1% to $886.0 million (flat pro forma), with growth in key categories and strong Black Friday and holiday trading.

• Net cash position reached $287 million, supporting ongoing investment and a fully franked interim dividend of 1.5 cents per share, payout ratio 50.1%.

• Integration of Myer Apparel Brands progressing well, with synergies being realised, full operational control assumed, and strong engagement from staff and partners.

• Record MYER one loyalty tag rate at 80.9% for Myer Retail, 51.3% for Apparel Brands, and 5.1 million active members.

Financial highlights

• Underlying EBITDA was $250.8 million, up 26.5% (down 10.9% pro forma); underlying EBIT was $112.8 million, up 10.5% (down 17.2% pro forma); underlying NPAT was $51.7 million, up 21.7% (down 17.3% pro forma); statutory NPAT was $40.3 million, up 32.8%.

• Operating cash flow increased by $57 million to $273.3 million, with free cash flow at $247.8 million and cash conversion at 134%.

• CODB managed at 27.9% of sales, within the FY26 target of ~29%.

• Online channel sales grew 18% (4.4% pro forma); Marketplace sales up 9.3%.

• Interim fully franked dividend of 1.5 cents per share declared.

Outlook and guidance

• FY26 cost of doing business targeted at ~29% of total sales.

• Early 2H26 trading shows total sales up 1.7%, led by Myer Retail.

• Targeting at least $30 million annualised synergies from Apparel Brands integration, with full benefit likely by end of FY27.

• Value creation initiatives expected to deliver $16 million annualised benefit by FY27.

• Ongoing improvements to MYER one loyalty program and further integration of Myer Apparel Brands planned for 2H26.