Department store retailer Myer upgrades its profit expectations by 15 to 21 per cent for the 2023 financial year as a result of positive sales and profit growth despite Australians pulling back on spending.
Myer now expects to book a profit between $69m and to $73m for FY23 with profits in the second half to be $4m-$8m.
It comes as total sales in the second half were up 0.4 per cent from a year ago, while FY23 was 12.5 per cent higher to $3.4bn from FY22. Second half online sales grew 3.2 per cent, but were down 4.5 per cent for the fiscal year as more shoppers returned to physical stores.
Myer chief executive John King said that it continued to tightly manage costs, inventory and cash to ensure it has a strong balance sheet as it begins FY24 where Myer expects the ongoing uncertainty around the macroeconomic environment to persist.
Myer anticipates releasing its FY23 final results during September 2023, following the completion of financial close procedures, Board approval and completion of audit.
