Despite being through difficult market conditions this fiscal year, Myer Holdings has reported that it has delivered a solid financial performance.
In its first annual review since it was listed on the Australian Stock Exchange on November 2, 2009, company chairman Howard McDonald said the company faced several external challenges.
“Myer’s listing in November last year coincided with very turbulent global equity market conditions,” he said.
“This, together with rising interest rates, and the absence of federal government stimulus which had boosted consumer spending the previous year, resulted in a challenging trading environment and fragile consumer sentiment.
"This has impacted the sales performance of many discretionary retailers, including ourselves."
As a result, the company reported total sales were up 0.7 per cent to $3,283.6 million while record earnings before interest and tax reached $270.9 million.
Net profit after tax grew by 55.1 per cent to $168.7 million.
McDonald also noted that the business is positioned for growth with the expansion of its retail footprint.
“We are now on the cusp of a new phase, the growth phase, which will see us expand our store portfolio by 15 new stores over the next four years,” he said.