MYR +1.59%: the department store company was out with FY23 results today given they run to a July year end. The numbers were broadly in line with expectations as sales jump 12.5% to $3.36b and profit up 18% to $71m, mostly driven by a strong 1H where an improved strategy and strong consumer spending supported earnings. The result was hindered by some restructuring costs, a soft AUD and theft, though broadly as expected given the company provided a trading update 6 weeks ago. FY24 has started slowly with comparable sales -1.9% while the company remains ”cautious about the macro-economic environment,” continuing the theme we saw throughout the reporting period. Consensus expects a ~7% drop in revenue and a ~25% fall in profit this year.
MM is neutral MYR
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