Myer (MYR) H2 2024 TU earnings summary

Executive summary

• FY24 group comparable sales rose 0.4% year-over-year, with 2H24 up 0.8% and 1H24 up 0.1% compared to prior year periods.

• Total sales expected at $3,266m, down 2.9% from FY23, mainly due to store closures.

• Online sales reached $704m, up 2.0% year-over-year, now 21.6% of total sales.

Financial highlights

• FY24 NPAT expected between $50m and $54m, down from $71.1m in FY23.

• Inventory levels expected to remain consistent year-over-year due to tight management.

Outlook and guidance

• Challenging consumer and trading environment, inflationary pressures, and store closures expected to impact results.

• Underperformance of sass & bide, Marcs, and David Lawrence brands to account for about half of NPAT decline.

• Strategic review and potential combination with Premier Investments' Apparel Brands ongoing.