SYDNEY, AAP – Myer has returned to full-year profit and the turnaround may ease pressure on its embattled board members.
The company on Thursday reported net profit after tax of $46.4 million for the 53 weeks to July 31. This followed a loss in the year prior of $172.4 million.
Solomon Lew, the chair of shareholder Premier Investments, has repeatedly claimed Myer has performed poorly in recent years and has called on board members to resign.
Myer’s earnings news included a decision to give acting chairman and former KPMG client partner JoAnne Stephenson the role permanently.
The department store chain’s online sales improved by more than 27 per cent as customers enduring coronavirus lockdowns chose to shop digitally.
The online boon helped overall sales gain more than five per cent.
Shareholders will not be paid a dividend due to uncertainty about the lockdowns affecting the ACT, NSW and Victoria.
Myer shares on the ASX were up 7.84 per cent to 55 cents at 1136 AEST.