Despite a tough year in the retail market, Myer was relatively successful based on its full year results to 24 July 2010.

“During the 2010 financial year, the retail environment was very challenging characterised by global economic uncertainty and fragile consumer confidence,” Bernie Brookes, Myer CEO, said in a statement.

“In addition we cycled the significant Federal Government stimulus package, which has provided sales momentum during 2009.”

The company saw sales increase by 0.7 per cent from $3.261 million to $3, 284 million while its net profit after tax was up 55.1 per cent to $169 million from $109 million in 2009.

The best performing states were Victoria, New South Wales, South Australia and Western Australia, which were successful in the categories of womenswear, menswear, childrenswear, toys, footwear and furniture.

According to the Brooke, more than $540 million of capital was invested over four years to deliver fundamental business transformation and a highly efficient retail platform.

Myer said in its next phase it will continue to focus on growth and improve shareholder returns across four key pillars: growing comparable sales through improving customer service, improving its gross margin through its Myer One loyalty program; focus on costs and achieving operating leverage; and delivering its new store rollout.

Brooke said: “We are currently on track open a further 14 new stores by 2014 with scope to grow 80 stores supported by our existing supply chain. The rebuild of our international-class flagship Myer Melbourne is progressing well with two floors now open and seven of the nine floors expected to open in time for Christmas 2010.”