- 01FY26 sales $4.09b; comps +0.7%.
- 02EBIT -7% to $139m; NPAT -3% to $42.5m.
- 03Statutory NPAT loss; $279.6m impairment.
Myer Holdings (ASX: MYR) recorded 0.7% comparable sales growth in the 2026 financial year, with total sales rising 11.3% on an actual basis to $4,088.8 million and 0.3% on a pro forma basis.
Underlying EBIT fell 7.0% to $139.4m, while underlying net profit after tax declined 2.9% to $42.5m as investment in strategic initiatives weighed on earnings.
Statutory NPAT was a $276.5m loss after a one-off, non-cash, post-tax impairment of $279.6m relating to goodwill, brand intangibles and stores across the group.
Myer finished FY26 with net cash of $100.1m and declared no final dividend, while early FY27 has seen broadly flat comparable sales across the group in choppy trading.
Margins Pressured by Promotions
Operating gross profit increased 14.0% on an actual basis to $1,603.2m but fell 1.6% on a pro forma basis, with the OGP margin at 39.2% as higher-than-planned promotional activity was used to stimulate demand.
Cost of doing business (CODB) was $1,189.7m, or 29.1% of total sales, broadly in line with Myer’s FY26 target of about 29%, supported by integration synergies and its Value Creation program.
Myer Retail delivered 1.0% comparable sales growth, with gains in Women’s Fashion, Home, Kids, Concessions, and Marketplace offset partly by weaker Beauty sales, while online sales increased 4.2%.
Myer Apparel Brands recorded a 0.3% decline in comparable sales and a 1.3% fall in pro forma total sales, as 6.0% growth at Just Jeans was outweighed by softness across other brands, particularly Portmans.
Integration Benefits Build
Myer delivered about $20m of synergies from the Myer Apparel Brands integration and about $17m of benefits from its Value Creation program, which included sourcing-office and overseas-hub closures, staffing changes and retail-operations restructuring.
The integration of sass & bide, Marcs, and David Lawrence was completed with about $10m of annualised synergies expected from FY27, while Myer is targeting annualised Myer Apparel Brands synergies of at least $30m from the 2028 financial year.
MYER one engagement strengthened during FY26, with the Myer Retail tag rate reaching a record 81.5%, the Myer Apparel Brands tag rate reaching 55.1% and active members increasing to a record 5.3 million from 4.7 million.
The group expanded its product offering, launched its Retail Media business and a new Marketplace platform and continued store-network work including the Sydney City beauty hall refurbishment and the Myer Morley upgrade.
Early FY27 Trading Uneven
Comparable sales for Myer Group were up 0.2% across the first eight weeks of FY27, although actual sales fell 2.7%, with Myer Retail comparable sales 1.8% higher and Myer Apparel Brands comparable sales 5.9% lower.
“Consistent with the trends we observed in June and July, trading through the early part of FY27 has remained uneven, with softer conditions experienced in August followed by improving trading momentum through September, despite recent challenges in global shipping,” executive chair Olivia Wirth said.
“While we remain cautious about the near-term consumer outlook, we believe that our strategic actions are strengthening the group’s competitive position, resilience, and supporting the creation of long-term shareholder value.”
Myer expects volatility in consumer behaviour and discretionary spending to continue over the next 12 months and is targeting FY27 CODB at about 29% of total sales.
After year-end, the group increased its total debt facilities to $200m and extended the maturity of $100m of those facilities from the 2028 financial year to the 2030 financial year, adding funding flexibility as it continues its growth and integration priorities.
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