News: MYR UPDATE 1-Australia's Myer Holdings posts best annual sales since 2005

(Recasts, adds CEO quote in paragraph 3, details from the release in paragraphs 4-8)

Sept 14 (Reuters) - Myer Holdings Ltd (MYR) posted its best annual sales since 2005, the Australian retailer said on Thursday, buoyed by robust online business and increased footfall to its physical stores.

Strong growth in store sales reflect the re-balancing of revenue post lockdowns, with Myer's customer loyalty programme accelerating the climb.

"Our multi-channel offer is a key strength of these results as we capitalised on customers returning to stores after closures in the prior year, underpinned by our leading customer loyalty proposition in MYER one," Chief Executive Officer John King said, adding that the retailer will still remain cautious "given the economic uncertainty".

Myer, among the other brick-and-mortar retailers, has been the hardest hit by the pandemic, with the company depending on millions of dollars in government support.

The high-street retailer's sales from ordinary activities increased 12.5% to A$3.36 billion ($2.16 billion) for the year ended July 29.

The company reported net profit after tax (NPAT) of A$71.1 million, up 18.2% from a year-ago period.

On a separate note, Myer said Chief Financial Officer Nigel Chadwick will retire from his role in early 2024, and be succeeded by Deputy CFO Matt Jackman on Feb. 1.

($1 = 1.5574 Australian dollars)