Myer Holdings Limited (MYR) today announced its financial results for the 53 weeks to 30 July 2016, marking the first year of the New Myer strategy.
Myer Chief Executive Officer and Managing Director, Richard Umbers said: “After 12 months in our five year New Myer journey we have made pleasing progress on our transformation and at the same time delivered a net profit result in line with guidance.”
FY2016 in summary
• Sales up 2.9% to $3,289.6 million, up 3.0%* on a comparable store basis
• On a 52-week basis, total sales were up 1.6% to $3,245.9 million
• Comparable stores sales in Flagship and Premium stores in Victoria and NSW increased by 5.6%
• Operating gross profit margin 164 basis points lower reflecting strong concession sales and lower Myer Exclusive Brands (MEB) sales
• Disciplined cost focus led to 93 basis points reduction in CODB/sales
• Operating cash flow improved by $36 million • FY2016 NPAT of $69.3 million in line with guidance
• Statutory NPAT of $60.5 million (after implementation costs associated with New Myer of $8.8 million post tax)
• Final dividend of 3.0 cents per share fully franked, to be paid on 10 November 2016 (Record Date is 29 September 2016)
The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkine.com.au and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376).The information on this website has been prepared from a wide variety of sources, which Kalkine Pty Ltd, to the best of its knowledge and belief, considers accurate. You should make your own enquiries about any investments and we strongly suggest you seek advice before acting upon any recommendation. Kalkine Pty Ltd has made every effort to ensure the reliability of information contained in its newsletters and websites. All information represents our views at the date of publication and may change without notice. To the extent permitted by law, Kalkine Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss or data corruption). If the law prohibits this exclusion, Kalkine Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services. There may be a product disclosure statement or other offer document for the securities and financial products we write about in Kalkine Reports. You should obtain a copy of the product disclosure statement or offer document before making any decision about whether to acquire the security or product. The link to our Terms & Conditions has been provided please go through them and also have a read of the Financial Services Guide. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine Pty Ltd currently hold positions in: BHP, BKY, KCN, PDN, and RIO. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.