The business is expected to bank a net profit after tax for the year of between $55 million and $60 million,an increase of between 86 per cent and 103 per cent on last year,excluding the impact of JobKeeper payments on 2021 earnings.
The numbers put Myer on track for its strongest financial result since 2017,when the company reported a net profit of $67.9 million. In 2020,Myer swung to a net loss of $11.3 million.
Chief executive John King said all sales categories grew in 2022 despite the retailer losing more trading days due to COVID restrictions than the previous year.
“The momentum in the second half in terms of sales growth both in-store and online,profitability and strengthening of our balance sheet places us well as we go into the new financial year,” he said.
The group’s online channels helped power the strong result,with sales up by between 32.5 per cent and 42.4 per cent for the year and worth between $715 million and $725 million in revenue.
Myer’s full-year financial results will be presented in September,when its earnings figures will be finalised and confirmed.
The business says it expects to be in a positive net cash position of more than $155 million.