Home / Knowledge / News / Apparel/Garments / Myer posts a solid result in a difficult market

Myer posts a solid result in a difficult market

13
Sep '12
Myer Holdings Limited releases full year results ending 28 July 2012. 

Financial highlights

Sales
• FY2012 sales down 1.3% to $3,119 million, down 2.0% on a comparable store sales basis
• 2H2012 sales down 0.7% to $1,415 million, down 0.8% on a comparable store sales basis
• Q4 sales down 0.3% to $766 million, up 0.3% on a comparable store sales basis
• Excluding rationalised categories, total Q4 sales up 0.2%, up 0.6% on a comparable store sales basis
 
Operating gross profit
• FY2012 operating gross profit up 1.3% to $1,288.4 million. FY2012 operating gross profit margin up 105 basis points (bps) to 41.31%
• 2H2012 operating gross profit up 3.7% to $590.1 million. 2H2012 operating gross profit margin up 179 bps to 41.7%
 
Earnings
• FY2012 earnings before interest, tax, depreciation, amortisation (EBITDA) down 7.7% to $311.8 million
• 2H2012 EBITDA down 4.3% to $128.9 million
• FY2012 earnings before interest and tax (EBIT) down 11.2% to $230.0 million
• 2H2012 EBIT down 4.0% to $87.1 million
• FY2012 Net profit after tax (NPAT) (after non-controlling interest) down 14.3% to $139.3 million
• 2H2012 NPAT (after non-controlling interest) down 3.3% to $52.0 million
• Final dividend of 9 cents per share, fully franked, to be paid on 14 November 2012
(Record Date is 28 September 2012), taking the full year dividend to 19 cents per share
 
Myer Chief Executive Officer, Bernie Brookes, said the business had delivered a solid result in a challenging retail environment with subdued consumer confidence, finishing the year with three months of positive comparable store sales growth.
 
“The highlight of this year’s result is the strong gross profit performance reflecting a number of key achievements. We delivered on the objectives of growing our Myer Exclusive Brands to 19 percent of sales, further reducing our shrinkage and markdowns, and improving our sourcing,” said Mr Brookes.
 
“The progress we made in implementing our five-point strategic plan clearly supported the profitability of the business and helped to offset ongoing cost headwinds. “I am encouraged by the further positive feedback from customers and team members as we focus on delivering an inspiring customer solution, with improved customer service and an enhanced merchandise range.
 
“With the support of our Asian sourcing offices, we have continued to develop our stable of 57 Myer Exclusive Brands with our established team of designers, product developers and planners. This represents a key strategic advantage.
 
 


Must ReadView All

Pic: Max421 | Dreamstime.com

Textiles | On 26th Nov 2021

China to focus on high-quality development of foreign trade

China will focus on high-quality development of foreign trade during...

Pic: Diony Teixeira | Dreamstime.com

Textiles | On 26th Nov 2021

Bangladesh’s GDP base year updated from 2005-06 to 2015-16

The size of Bangladesh’s gross domestic product (GDP) in fiscal...

Pic: The University of Huddersfield/Camira Fabrics

Textiles | On 26th Nov 2021

UK university finds natural solution for fabric fire safety problem

The University of Huddersfield has collaborated with UK textiles firm ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Strongly believe in 'people first' policy.

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchain is not a silver bullet for each and every problem in supply...

Florian Heubrandner, Lenzing AG

Florian Heubrandner
Lenzing AG

Sustainable and eco-friendly fibres remain in the minority

Ghatit Laheru,

Ghatit Laheru

When the 2001 tremblor wrecked the Kachchh region of Gujarat throwing many ...

Shyam Gupta,

Shyam Gupta

Established by <b>Shyam Gupta</b> in 1978, Gargee Designer's (GD) offers...

Bharat Ahuja,

Bharat Ahuja

A mono store brand, <b>Bharat Ahuja's</b> Desire Design Studio has emerged ...

Madison Maxey, Loomia

Madison Maxey
Loomia

Loomia designs and manufactures soft circuit systems that can be produced...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Johann-Philipp Dilo, Dilo Group

Johann-Philipp Dilo
Dilo Group

German company Dilo Group is one of the leading equipment suppliers of...

Ramya Rao & Kavea R Chavali, Kalaneca

Ramya Rao & Kavea R Chavali
Kalaneca

<div>The journey of Kalaneca (kala-Art, Neca- Nikaah) formally began in...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

<b>Ruma Devi i</b>s a jet-setting promoter of artisans who has empowered...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

Designer <b>Suman Nathwani</b> talks about her journey of opening a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search