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Australia's Myer reports $38.4 million H1 profit

Australia's biggest department store operator Myer reported its first half profit on Wednesday, as efforts to boost online sales began to show results.

Myer’s net profit came in at A$38.4 million for the six months to January 26, compared to a loss of A$476.2 million last year.

Excluding one-off items, Myer posted an underlying net profit of A$41.3 million, compared with A$40.1 million a year ago.

Total sales fell 2.8% during the period to A$1.67 billion.

Myer’s chief executive officer John King said: ‘For the next period, we will be continuing to improve the online experience, better matching the store range, including concessions, and making further improvements to fulfilment,’ Mr. King said.

The retail giant expects its sales for the second half of the financial year to be impacted by the exit of several brands. It comes after Myer faced difficulty keeping up with competition from online retail stores such as Amazon.com and H& M.

Myer shares soar after solid profit

Myer Holdings Ltd surged as much as 20.7% on Wednesday, following a solid H1 net profit. Shares rose to A$0.495, the highest since October 2018.

Myer stock opened higher on Wednesday morning, posting irs biggest intraday percentage gain since September 13, 2018.

Myer stocks were among the biggest percentage gainers on the ASX All ordinaries Index on Wednesday, a stark contrast to previous sessions, where Myer had previously been the ninth most shorted stock in Australia on February 25, according to Reuters data.

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