MELBOURNE: Myer has revealed its financial results for the year to July 24, 2010, with the true cost of listing as a public company evident.
The department store retailer reported a net profit after tax of $169 million, up 55.1 per cent on the previous year. However, accounting for one-off IPO transaction costs, it then reduced by 38.2 per cent on the previous year, to $67.18 million.
Myer reported a record earnings before income tax result of $271 million, up 14.9 per cent on the previous corresponding period.
Sales were up 0.7 per cent to $3,284 million, up 0.5 per cent on a like-for-like basis. It reported a consumer-led growth in Myer Exclusive Brands, which now represent 17 per cent of total sales.
Myer chief executive officer Bernie Brookes said the retail environment had been challenging for the period.
"Against this backdrop, and despite an extensive rebuild of our flagship Melbourne store, the refurbishment of three other stores and the rollout of major technology infrastructure in our new point-of-sale and CCTV systems, Myer reported a positive sales result," he said.
The company commenced a total rebuild of its flagship Myer Melbourne store during the year, with two new floors now open. Seven of the nine floors are expected to be open in time for Christmas 2010.
It reported that it is on track to open a further 14 stores by 2014, with scope to grow beyond 80 stores supported by its existing supply chain.
It reported its Myer One loyalty program now has 3.7 million members which contribute 68 per cent of sales.