Myer (MYR) shares rally with strong 1H
MYR +24%: reporting their first half results for 6 months to 29 January, the department store surprised to the upside for the first time in a while. Profits were up 55% on last year after stripping out jobkeeper, with sales +8.5%. They’ll pay a dividend for the first time since FY17 as well, giving 1.5c back to shareholders. The customer first strategy is working (imagine that) with an improved online experience and a more targeted and leaner in store experience helping lift sales. The second half has started strongly as well with sales up more than 15% for the first 5 weeks, comping at a better rate than the first half shows solid momentum in the turnaround.
