Myer Holdings Limited has released its sales figures today for the first half of FY10 to 23 January 2010. The retailer posted total sales revenue of $1,797 million, up two per cent compared to the corresponding period last year.
On a like-for-like basis, sales for the first half grew by 1.2 per cent. EBIT for the first half of FY10 is expected to increase by more than 10 per cent over the corresponding period last year.
Total sales revenue for the second quarter of FY10 was flat on the previous corresponding period following sales growth in the first quarter of 5.2 per cent. While like-for-like sales were strong in the months of November 2009 and in particular January 2010, they were negative in December 2009.
 “Against a backdrop of unprecedented early and deep discounting in the retail sector in the run up to Christmas, we now expect to achieve growth in EBIT in excess of 10 per cent for the first half and a continuing improvement in EBIT to sales margin,” said Myer CEO Bernie Brookes. “This reflects a continued disciplined approach to running the business – an ongoing focus on cost control, and rigorous inventory management.
“While sales in the December month were disappointing, the business performed very strongly in January and the stocktake sale was a great success. Customers have responded very well to our range of Myer exclusive brands including Wayne by Wayne Cooper and NF by Nicola Finetti, which offer customers fashionability at accessible price points,” he said.
Brookes was particularly pleased with the sales uplift resulting from investment in store refurbishments and the visual merchandising program, Project Batman. Sydney, Castle Hill, Blacktown and Doncaster delivered standout performances he said and Myer is about to commence work on our Eastland, Marion and Canberra stores.
“Our new store opening and refurbishment program, including the rebuild of Myer Melbourne and the development of new full size stores in Top Ryde in NSW and Robina in QLD are on track and progressing well. Following a solid performance in the first half, we remain confident of delivering EBIT of $261 million for the full year.”