Department store Myer has reported a full-year statutory net profit after tax up 23%, to $60.4 million.
That’s up from $49 million the previous year.
The result comes despite a tougher second half of the financial year, as cost of living impacted consumer demand.
Total sales were up 12.5% on the previous year to $3.3 billion.
Myer’s chief executive John King said it’s the retailer’s best full year sales result since 2005.
“Our multi-channel offer is a key strength of these results as we capitalised on customers returning to stores after closures in the prior year, underpinned by our leading customer loyalty proposition in MYER one.
Our online offer is a scale business that returned to growth in the second half and has continued to increase market share throughout FY23.”
He says online sales make up about 20% of total sales, at $690.5 million.
Online sales have grown 163% since pre-COVID times.
The company will pay a final dividend of 1 cent per share, taking the total financial year dividend to 9 cents per share.
