Myer sales climb 2% in 1HFY10
February 3, 2010
Myer Holdings Limited (MYR) reported a 2% hike in sales revenue for the six months to 23 January 2010 to $1,797 million. Looking ahead EBIT for the first half of FY10 was expected to increase over 10%, ahead of the 5.6% EBIT growth first flagged in the company prospectus.
Myer confirmed that it is on track to achieve pro forma full year prospectus EBIT of $261 million in FY10.
Quarter-by-quarter Myer said sales in last three months were flat overall and even lower over the busy Christmas period, while in the first quarter sales grew 5.2% while the government’s economic stimulus package was still effective.
CEO of Myer, Bernie Brookes said the company’s results were disappointing over the Christmas period.
“While sales in the December month were disappointing, the business performed very strongly in January and the Stocktake sale was a great success,” Mr Brookes said.
“Against a backdrop of unprecedented early and deep discounting in the retail sector in the run up to Christmas, we now expect to achieve growth in EBIT in excess of 10% for the first half, and a continuing improvement in EBIT to sales margin.”
At the close Wednesday, Myer shares were trading at $3.38 each, a 17.5% discount to the IPO price when the shares listed last November.
Myer confirmed that it is on track to achieve pro forma full year prospectus EBIT of $261 million in FY10.
Quarter-by-quarter Myer said sales in last three months were flat overall and even lower over the busy Christmas period, while in the first quarter sales grew 5.2% while the government’s economic stimulus package was still effective.
CEO of Myer, Bernie Brookes said the company’s results were disappointing over the Christmas period.
“While sales in the December month were disappointing, the business performed very strongly in January and the Stocktake sale was a great success,” Mr Brookes said.
“Against a backdrop of unprecedented early and deep discounting in the retail sector in the run up to Christmas, we now expect to achieve growth in EBIT in excess of 10% for the first half, and a continuing improvement in EBIT to sales margin.”
At the close Wednesday, Myer shares were trading at $3.38 each, a 17.5% discount to the IPO price when the shares listed last November.
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