Ann: FY21 Results - Release and Presentation, page-2

While the major metrics were mostly known due to the previous media release of weeks ago, I really like how during March to May 2021 - 'least affected period of 2H 21 re being adversely affected by lockdowns' - gross profit was up 6.6 per cent compared to FY 19 (the latter being pre-COVID). See page 11 of the presentation.

The 'tag rate' (which I assume means 'active use') of Myer ONE cards of just under 70 per cent compares extremely favourably with WOW (including BIG w) Woolworths Rewards cards that have this metric at 49-50 per cent. Supermarkets not directly comparable to department stores but it's an interesting figure nonetheless.

Net debt has decreased and cashflow was up.

The outlook must be questionable in the short term given the massive uncertainty created by State Premiers with lockdowns in Greater Melbourne (the world record holder for lockdowns in any city, sadly - "thanks" Victorian Labor and Daniel Andrews), Ballarat (where MYR has a store), Greater Sydney and NSW, and hermit-like WA/Qld shutting the day on interstate visitors, not to mention the still closed overseas borders.

However longer term MYR should do quite well as it will be gradually able to reduce leased space - it boasts of sales per square metre rising in locations as varied as Cairns Queensland, and Morely in Perth WA after this was done - while online sales are obviously (as one would hope given store closures) booming.

Rising inventory pre-Christmas and stores closed in the Melbourne and Sydney CBD and suburbs is a worry.