Key Highlights

  • MYR (ASX:MYR): FY26 total sales were A$4,088.8 million, 11.3% higher on an actual basis. On 29 October 2026, MYR shares were priced at A$0.198, and fell 1.25%.
  • Underlying NPAT declined 2.9% to A$42.5 million.
  • An A$279.6 million post-tax non-cash Impairment was recorded.

Myer Holdings operates the Myer department-store Business and a portfolio of apparel brands, including Just Jeans, Portmans and other retail labels. For the 52 weeks ended 25 July 2026, group sales totalled A$4,088.8 million, up 11.3% on an actual basis, reflecting the different periods of apparel-brand ownership included in the comparison. Underlying net profit after tax decreased to A$42.5 million, and a A$279.6 million post-tax non-cash impairment contributed to a statutory loss. 25%. The group’s results also cover loyalty, product sourcing and the integration of acquired apparel operations. As of 29 October 2026, MYR (ASX:MYR) shares were at AUD 0.198, recording a 1.25% move downward for the day. The following sections cover FY26 sales, underlying earnings, statutory impairment and the integration of retail brands.

Sales, Profit and Impairment

Myer Holdings reported FY26 total sales of A$4,088.8 million for the 52 weeks ended 25 July 2026, 11.3% higher on an actual basis and 0.7% higher on a comparable basis. The actual-year comparison includes 12 months of Myer Apparel Brands in FY26 versus six months in FY25. Operating Gross Profit was A$1,603.2 million, with a Gross Profit Margin of 39.2%. Underlying EBIT was A$139.4 million, down 7.0% on an actual basis, while underlying net profit after tax was A$42.5 million, down 2.9%. The group reported a statutory net loss after tax of A$276.5 million, including A$279.6 million in one-off post-tax non-cash impairments.

Customer and Retail Operations

Myer Retail comparable sales increased 1.0%, while Myer Apparel Brands comparable sales decreased 0.3%. The group reported 5.3 million active loyalty members, up from 4.7 million, and an 81.5% MYER one tag rate for Myer Retail, compared with 79.5% in FY25. It launched 36 new beauty brands and 31 brands across womenswear and menswear. The company closed 38 and opened 14 Myer Apparel Brands stores and launched a new marketplace platform. It reported approximately A$20 million in integration synergies and A$17 million in Value Creation program benefits.

Cash, Dividends and Early Trading

At 25 July 2026, Myer reported A$100 million in net cash. The company disclosed A$200 million in undrawn Debt facilities as at 22 September 2026. No final Dividend was declared; a fully franked Interim Dividend of 1.5 cents per share was paid in May. In the first eight weeks of FY27, group comparable sales rose 0.2%, while actual sales declined 2.7%. Myer Retail comparable sales increased 1.8%, but Myer Apparel Brands comparable sales fell 5.9%. The group targeted FY27 cost of doing business at approximately 29% of total sales.

Sales Channels and Comparison Bases

Myer reported total sales of A$4,088.8 million for the 52 weeks ended 25 July 2026. The increase of 11.3% on an actual basis is not directly comparable with the 0.7% increase in comparable sales, because FY26 included twelve months of Myer Apparel Brands against only six months in the previous actual result. On a separate pro forma basis, which includes twelve months of both businesses in both periods, total sales increased 0.3%. Myer Retail reported comparable growth of 1.0%, while Myer Apparel Brands comparable sales declined 0.3%. Within Myer Retail, reported sales growth included womenswear, home, kids, concessions and marketplace, with weakness in beauty.

Integrations, Customer Activity and Brands

The MYER one loyalty program reported 5.3 million active members compared with 4.7 million in FY25. Myer Retail’s tag rate reached 81.5% versus 79.5%, and the apparel-brand program recorded a 55.1% tag rate. The company described the launch of 36 beauty brands and 31 brands across womenswear and menswear, as well as the introduction of a retail-media platform. Within the Apparel Brands network, 38 stores were closed and 14 opened during the period. Myer reported about A$20 million in apparel integration synergies and around A$17 million in value-creation benefits. It also indicated around A$10 million of annualised synergies from the integration of sass & bide, Marcs and David Lawrence from FY27.

Impairments, Balance Sheet and Trading

The statutory loss after tax of A$276.5 million includes a one-off, non-cash post-tax impairment charge of A$279.6 million associated with goodwill, intangible brands and stores. This differs from underlying net profit after tax of A$42.5 million, which excludes significant items under the group’s chosen underlying presentation. The group reported A$100 million of net cash at its July year-end, with A$200 million of undrawn debt facilities disclosed as at 22 September 2026. No final dividend was declared, following payment of a 1.5-cent fully franked interim dividend. For the first eight weeks of FY27, the company reported comparable group sales growth of 0.2% and an actual sales decline of 2.7%.

The company reported 5.3 million active MYER one customers, compared with 4.7 million in FY25, with Myer Retail’s loyalty tag rate rising to 81.5%. FY26 included approximately A$20 million in apparel-brand integration synergies and A$17 million in benefits from its Value Creation program. Myer Retail comparable sales rose 1.0% across FY26, while Myer Apparel Brands comparable sales declined 0.3%. Across the first eight weeks of FY27, group comparable sales were up 0.2%, with Retail up 1.8% and Apparel Brands down 5.9%. The board did not declare a FY26 final dividend.

Key Insights

For MYR (ASX:MYR), Reported sales increased but the company recorded a substantial non-cash impairment and a statutory loss. Underlying earnings, the enlarged retail portfolio and integration activity explain the different financial measures.