Department store Myer saw shares soar 14.4% after a meeting with shareholders in Melbourne on Friday.
Shares headed north after the company announced an expected return to net profit growth in 2017, following years of declining earnings.
After 12 months of significant change across the business, Myer reported an underlying net profit after tax of $69.3 million dollars.
Full year sales grew by 2.9% to $3.29 billion or 3% on a comparable stores basis.
Total sales for the first quarter of 2017 were already up 0.6% to $719.2 million.
Comparable store sales were up 1.6%, marking the fifth consecutive quarter increase under Myer's new strategy.
Company chairman Paul McClintock said there was still work ahead for the department store.
"Australia continues to see rapid changes in the retail environment, with the arrival of international entrants and the evolution in consumer behaviour and technology for purchases.
"New Myer is designed to make us more resilient to these external forces, but there is no complacency in management or the board on their impact on our business.
"We also work in an economic and political environment that is not without its challenges.
"Nevertheless, whilst our first year demonstrates some of the complexity in what we are trying to achieve, it is clear to the Board that we have the right strategy."