News: Myer rings up profit surprise

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Department store retailer Myer Holdings Ltd (ASX:MYR) has surprised the market by posting a better than expected interim profit.



Net profit increased, a modest 1 per cent, to $88 million dollars.



Total sales for the period also beat expectations, rising to $1.73 billion. 



Myer chief Bernie Brookes remains cautious about negative impacts on consumer spending in the second half, particularly the slow down, traditional brought about by a Federal election.



Myer didn’t provide any financial guidance, although Investors will receive a fully franked interim dividend of 10 cents, unchanged on last year.