Myer has released a trading update for FY21, reporting that total sales increased 5.5% to $2,658.3 million compared to FY20.
In recent weeks, the business has been under sustained pressure from its largest shareholder, Premier Investments, to release its FY21 results.
The retailer reports that its second half FY21 total sales were up 38.3% compared to 2H FY20, and that it expects to return to second half NPAT profitability for the first time since 2H FY17, despite significant COVID-19 impacts.
The preliminary results were negatively impacted by lockdowns across the country, resulting in store closures and travel restrictions, particularly in Q1 FY21 and Q4 FY21.
However, CEO John King said that while it was a challenging trading period, the retailer's Customer First plan saw it through.
"Our Customer First Strategy continues to gain momentum, delivering a significantly improved full year profit result, despite the ongoing COVID impacts in FY21.
"We will provide further detailed commentary at our audited results announcement in September," he said.
As is the trend, Myer's group online sales jumped up in the period, increasing 27.7% to $539.5 million, representing 20.3% of total sales.
Myer reported that it expects to deliver EBITDA between $174 million and $179 million, compared to $93.5 million in FY20, and $160.1 million in FY19.
For FY21 the retailer expects NPAT between $47 million and $50 million, compared to a net loss after tax of $11.3 million in FY20 and NPAT of $33.2 million in FY19.
In the second half of FY21, the retailer reported NPAT between $4 million and $7 million.
Myer finished the year in a positive net cash position of approximately $112 million compared to $8 million at the end of FY20.
The retailer has also agreed with its financiers to an extension of its syndicated finance facility to November 2022 to enable longer-term refinancing that aligns with its strategic goals.
The FY21 results remain subject to audit and final Board approval and Myer anticipates it will release its FY21 final results in September 2021.