Myer profit beats expectations by: By John Dagge From: News Limited Network March 14, 2013 10:06AM
MAJOR retailer Myer has delivered a better than expected profit for the first six months of the financial year. Net profit at the department store rose 1 per cent to $88 million dollars, beating analysts’ expectations of a slide in profit to about $85 million.
Total sales were $1.73 billion, up two per cent from $1.7 billion in the previous corresponding period.
Myer Chief Executive Officer, Bernie Brookes said the business had delivered a solid first half result, including a strong second quarter which reflected a well planned and executed Christmas and stocktake trading period.
"We are pleased that the positive sales trend continued during the half, with the second quarter representing our third consecutive quarter of positive comparative store sales growth,'' he said.
"The exit and rationalisation of categories including whitegoods, gaming and consoles, CDs and DVDs, that we commenced in 2010 has been completed with the space reallocated to higher margin fashion categories.''
The retailer declared a fully franked interim dividend of 10 cents, the same as in the previous year. It will be paid on May 9 to shareholders on the company's register at March 28.
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