MYR myer holdings limited

News: MYR UPDATE 1-Australia's Myer first-half profit jumps as online sales surge

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    (Adds details on online sales, government support and background)

    March 4 (Reuters) - Australian department store operator Myer Holdings (MYR) on Thursday posted a 76% rise in half-yearly profit, helped by a surge in online sales and support from the government's JobKeeper scheme.

    The company said online sales surged 71% to A$287.6 million as coronavirus-led shutdowns kept shoppers away from physical stores. Online sales accounted for 21% of the group's total sales.

    Myer and other brick-and-mortar retailers have had to depend on millions of dollars in government support to keep operations running during the COVID-19 pandemic.

    The 120-year old retailer, an icon of Australia's high street, received A$51 million ($39.6 million) as part of the government's JobKeeper payment scheme aimed at supporting businesses significantly affected by the pandemic.

    Myer was also granted A$18 million in rent waivers during the period related to store closures in the second half of last year, which also helped the company cut costs.

    Profit attributable to shareholders for the first half rose to A$43 million ($33.43 million) from A$24.4 million a year earlier.

    No dividends were declared, as has been the case since 2018.

    ($1 = 1.2862 Australian dollars)

 
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