Department store and retail group Myer Holdings Limited has reported a 24.5 per cent lift in its total sales to $2.27 billion, incorporating the group’s newly acquired Apparel Brands from Premier Investments – Just Jeans, Jay Jays, Jacqui E, Dotti and Portmans.
On a pro-forma basis, Myer’s total sales were up 2.1 per cent, driven by growth in womenswear, home, concessions and the Just Jeans brand.
Pro forma includes six months for Myer Retail (department store, private labels) for 1H25 and 1H26 and six months for Myer Apparel Brands for 1H25 and 1H26 for like-for-like comparison purposes.
Within the sales jump, shared in the company’s trading update today, Myer highlighted a record Black Friday sales for its Myer Retail division, with total sales for the group through December and January in line with the prior corresponding period. Myer Group’s concession sales grew 10.8 per cent.
Myer’s online channel grew 18 per cent.
Moving towards the bottom line, Myer’s metrics grew on an actual basis, with operating gross profit hitting $886 million. In actual terms, this is up 35.1 per cent, but only nudged up 0.1 per cent on a pro forma basis. The latter was impacted by growth in lower margin categories and targeted promotional activity to clear legacy Myer Exclusive Brands ahead of relaunch. These private label products include Basque, Blaq, Vue and Miss Shop.
At the bottom line, Myer’s statutory net profit after tax (NPAT) was $40.3 million for the first half, which is up 32.8 per cent in actual terms, but down 20.3 per cent on a pro forma basis. The pro forma calculation here includes $11.4 million in significant items, including $5.6 million in restructuring and redundancy costs and $4.8 million in transition and integration costs.
The rest of that amount covers strategic review and implementation, asset impairments and write-offs and other individually significant items, with all this adding up to around $1 million.
Minus significant items, Myer’s NPAT would be $51.7 million.
Myer executive chair Olivia Wirth said the first half result reflects momentum across the business amid its growth strategy.
“Sales growth was achieved both in store and online, and our disciplined cost management allowed us to make targeted investments including in eCommerce, Marketing, Product, Merchandise and Supply Chain to deliver on our plan,” Wirth said.
Wirth added that its relaunched Myer One loyalty program hit a record 5.1 million active members, with data from the program helping to inform new inclusions. This includes the addition of La Mer, Topshop and Gap over the last few months.
The department store’s beauty space has grown significantly, with 30 new brands added over the last half year. Another 14 brands were launched across womenswear and menswear, with another 20 more to come in the second half of FY26.
Myer added that at least 55 additional new brands will come in FY27.
In a quick trading update on the second half, Myer reported that its total sales were up 1.7 per cent in the first seven weeks of 2H26. Comparable sales grew 2 per cent. In Myer Retail, total sales were up 2.2 per cent, driven by double-digit booms in home and kids, and supported further by Myer’s newly launched marketplace offering.
Under Myer Apparel Brands, total sales here were 0.4 per cent lower, with the movements mixed across the five brands. Just Jeans in the first seven weeks grew 9.8 per cent.
Comp sales in Apparel Brands were down 0.9 per cent.
“Looking to the second half, we are excited about building on the Myer Exclusive Brands relaunch, introducing ongoing improvements and enhancements to our Myer One loyalty program, and continuing activities to integrate Myer Apparel Brands, as well as resetting our fashion and beauty offerings,” Wirth said.