Retailer Myer surges on expecting H1 sales above pre-COVID levels

Myer Holdings

06/02/2024 02:53

** Shares of Australia's Myer Holdings  MYR.AX  rise as much
as 15% to A$0.77, set for their biggest intraday jump since
March 9, 2023 if gains hold
    ** The retailer expects total sales for the first half to be
A$1.83 billion ($1.19 billion) which reflects a 13.8% jump as
compared to pre-COVID levels
    ** Expects first half net profit after tax between A$49 mln
and A$53 mln, which would be lower than the previous year but
better than what the market expects
    ** Adds that comparable sales have recorded a marginal
increase in first half which reflects improved customer
sentiment
    ** Expects online sales for H1 to A$390.1 mln; 2% higher
than a year ago
    ** Stock has risen 10.8% this year, as of last close 


($1 = 1.5399 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))