MYR –1.32%: A volatile day after releasing 1H25 results today, the department store owner down as much as 10% earlier in the session before climbing back into positive territory at one point then settling lower into the close. A mixed result saw profits decline due to cost control blowouts, though refinancing measures should provide some relief moving forward.
- Revenue $1.83 billion was flat yoy
- Net profit $30.4 million, -40% yoy
- Special dividend of 2.5 cents per share
- Debt refinancing to save $11m annually from FY26.
Sales declined 2.6% in MYR’s first 5 weeks of 2H25 with the market keeping a keen eye on outlook and punishing stocks accordingly during 1H reporting season. Positively, Myer’s digital offering is remaining competitive with solid growth in their online sales +4.6% for the 1H period.
Management announced completion of their strategic review as new CEO Olivia Worth (ex-Qantas loyalty) looks to make her mark on the business by rejuvenating the executive team with a new CFO (ex-David Jones) and Chief Product Officer (ex-Super Retail Group). This marks the final result we’ll see from the standalone Myer, with Group earnings including the merged Premier (PMV) apparel brands to be reported from 2H25. A solid foundation for the next phase, MYR’s success will hinge on executing their private label brand rollout and capturing cost synergies from the merger with PMV – a wait and see.
MM is neutral toward MYR
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