Myer Holdings Limited (ASX:MYR) FY24 financial results overview

Myer Holdings Limited (ASX:MYR) has released its financial results for the 52 weeks ending 27 July 2024 (FY24). The company reported a 0.4% growth in group comparable sales, with online sales reaching $704.3 million, reflecting a 2.0% increase from FY23. Despite total sales declining by 2.9% to $3,266.1 million due to store closures, the company's Myer One loyalty program saw strong engagement, with 10.4 million members and a record in-store customer satisfaction score of 84.6%.

Executive commentary on FY24 full year results

Myer's Executive Chair, Olivia Wirth, acknowledged the challenging macroeconomic environment for Australian retailers but highlighted the company's stable business foundation and significant growth opportunities. Wirth emphasized the ongoing comprehensive strategic review aimed at increasing profitability and driving sustainable earnings growth. The focus is on identifying opportunities to enhance Myer's market position and generate strategic and financial benefits.

Summary of FY24 results and outlook

Myer's FY24 results reflect a challenging retail environment, with modest sales growth and a net profit after tax (NPAT) of $52.6 million, down from $71.1 million in FY23. The company's strategic review has identified opportunities to expand private label and exclusive brands, leading to the decision to retain sass & bide, Marcs, and David Lawrence. Myer is exploring a potential combination with Premier Investment's Apparel Brands to drive enhanced scale, revenue, and growth, along with material cost and revenue synergies. The company aims to improve profitability, performance, and shareholder returns, with a focus on repositioning its retail platform for sustainable and profitable long-term growth in the evolving retail landscape.