Myers’s sales is now 45% higher than David Jones. Latest result is that DJ got 2.06bln sales in FY22, with EBIT of 84mln and profit before tax of 17mln, and likely profit after tax of 12mln. Comparatively, Myer is forecasting profit after tax of 55-60mln, which is 4 to 5 times higher than David Jones for FY22. DJ sales had actually decreased from previous year slightly, whereas Myer had increased more than 12% compared to previous year.
In short, Myer had improved and demonstrated competitive advantage over DJ. Not to rest on its laurels, Myer should keep pushing DJ out of business (i.e. Woolworths SA throwing in the towel) and Myer will in the mean time gain another billion dollar in sales.
MYR Price at posting:
50.5¢ Sentiment: Buy Disclosure: Held
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