Myer hails Black Friday boom as top label nears return
Kaaren Morrissey |
An encouraging sales start to the new financial year for department store and clothing brands owner Myer has put the wind under its stock price as it heads into the all-important holiday trading period.
Total sales for the first 19 weeks of fiscal 2026 rose three per cent to $1.52 billion, led by the main Myer Retail business.
“Looking across our categories, we have achieved double-digit sales growth in homewares, womenswear and concessions,” executive chair Olivia Wirth told shareholders at the group’s annual general meeting in Sydney.
“We also had a strong lead-up to Black Friday for Myer Retail, achieving our biggest Black Friday sale performance on record.”
The group, which is more than 125 years old, is banking on a similar performance in the lead-up to Christmas and Boxing Day sales.
“All the signs are there. We have reset the business,” Ms Wirth said on Thursday.
Myer shares jumped on the news, closing up 9.8 per cent to 45 cents, but that price is still a long way from where it was a year ago, when it traded around $1.20.
In September, the retailer reported a 30 per cent fall in underlying full-year net profit to $36.8 million linked to issues at its national distribution centre, which are still being resolved.
Given the drop, Myer elected not to pay shareholders a final dividend for the first time since 2021.
Myer is also ramping up its local and international brand offerings, with 20 more – including the return to Australia of UK fast fashion stalwart Topshop – set to come online in the second half of fiscal 2026.
“Next year, about 60 per cent of the womenswear on display just around the corner in Myer Sydney City will be new brands,” Ms Wirth said.
Topshop, which is known for its affordable, on-trend clothing, shoes and accessories, closed its last standalone store in Australia in 2020 and will kick off its renewed presence with its Jamie and Joni skinny jeans lines.
Stock will soon be exclusive to 56 Myer stores and online.
Myer’s local brands include its eponymous department store business and apparel brands Sass & Bide, David Lawrence, Marcs, Jay Jays, Just Jeans, Portmans, Jacqui E, and Dotti.
It now has more than 750 stores in Australia and New Zealand.
Meanwhile, retail supremo Solomon Lew, who is Myer’s biggest shareholder, will join the board in April 2026.
Mr Lew is also chair of the listed apparel group Premier Investments, which offloaded the Just Jeans, Jay Jays, Portmans, Dotti and Jacqui E brands to Myer under a cash and scrip deal.
Ms Wirth told shareholders Myer had no qualms about getting rid of brands that weren’t performing, while backing the acquisition of the Premier labels.
“We believe there’s an opportunity for us in the future to modernise those brands and to make them more relevant for customers,” she said in response to a shareholder who questioned the value of the acquisitions.
AAP
