Australian department store chain Myer Holdings posted FY26 total sales of A$4.08bn ($2.85bn), up 11.3% on an actual basis, even as the second half (H2) was affected by “macroeconomic conditions and trading volatility”.
For the 12 months ended 25 July 2026, pro forma total sales increased 0.3%.
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The company said this was driven by growth in home, womenswear and kids, together with Just Jeans, Marketplace and concession sales, and was partly offset by reduced sales in beauty and Portmans, its fashion and workwear retail brand.
Group comparable sales rose 0.7%.
Myer Retail recorded total sales growth of 0.7%, with comparable sales up 1.0%.
Myer apparel brands reported a 1.3% decline in pro forma total sales, while comparable sales fell 0.3%.
Operating gross profit is expected to be in the range of A$1.601bn to A$1.607bn.
This represents an increase of about 13.8% to 14.3% on an actual basis and a decline of 2.1% to 2.5% on a pro forma basis.
Operating gross profit margin is expected to be in the range of about 39.2% to 39.3%, compared with FY25 actual basis of 38.3% and FY25 pro forma basis of 40.3%.
Myer said cost of doing business percentage was broadly in line with its FY26 target of about 29%, despite lower-than-expected total sales.
The company said trading in second half of 2026 was volatile on a month-to-month basis, with cost-of-living pressures weighing on consumer sentiment.
It said higher fuel prices linked to the Middle East conflict, three interest rate increases in calendar year 2026 (CY26), slower household income growth, a weaker housing market and financial uncertainty for many households affected conditions.
It also said a warmer-than-average start to winter in most of Australia’s major cities affected trading in June and July.
In customer and loyalty, Myer Retail recorded a tag rate of 81.5%, up from 79.5% in FY25, while Myer Apparel Brands reached 55.2% less than 12 months since launch.
In products and brands, the business launched 37 new brands in Beauty and 29 across womenswear and menswear, and secured access to global brands such as Fenty Beauty, La Mer, Guerlain and GAP.
Across its omnichannel network, Myer continued store network optimisation, closing 38 and opening 14 Myer Apparel Brands stores.
In sourcing and supply chain, the group said it continued the “Proof-of-Concept Stage” at the national distribution centre to mitigate execution risk for a long-term solution.
Myer executive chair Olivia Wirth said: “The second half of FY26 has been characterised by a volatile and significantly more challenging macroeconomic and retail environment than H1 FY26 or FY25.
“Despite these challenges, we have continued to make substantial progress executing against our Myer Group growth strategy and progressing our value creation program and integration activities.”
