The Myer Holdings Ltd (ASX: MYR) share price is in focus today after the retailer revealed FY26 total sales rose 11.3% to $4.1 billion, with operating gross profit up around 14% on an actual basis.
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What did Myer Holdings report?
- Total FY26 sales: $4,089 million, up 11.3% (actual basis), pro forma sales up 0.3%
- Group comparable sales up 0.7%
- Operating gross profit between ~$1,601m and ~$1,607m, up ~14% on actual basis
- OGP margin: 39.2%–39.3% (actual); pro forma margin lower at 39.2%–39.3%
- Cost of doing business broadly inline with FY26 target of ~29%
- Final NPAT pending annual audit and impairment review
What else do investors need to know?
Trading in the second half of FY26 was tough, with ongoing cost-of-living pressures and weak consumer sentiment weighing on results, especially in June and July. This volatility prompted Myer to ramp up promotional activity in an effort to stimulate demand, which affected gross profit margin.
Despite tough conditions, Myer made progress on key growth priorities, including launching 66 new brands, expanding its retail media platform, and boosting loyalty with a record 5.3 million active members. Integration synergies from recent acquisitions also helped offset some cost headwinds.
What did Myer Holdings management say?
Commeting on the company's performance, Myer's 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 1H26 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.
While we remain cautious on the near-term consumer outlook, we are confident that the strategic actions we are taking today are strengthening the Group's competitive position, resilience and supporting the creation of long-term shareholder value.
What's next for Myer Holdings?
Myer's final audited FY26 results will be released in September 2026, including the net profit after tax and any significant items. Management will focus on further strengthening brand, digital channels, and store network, with ongoing store refurbishments and the launch of new marketplace offerings.
Rising inflation and subdued consumer demand remain risks, but Myer says its strategy is positioning it well for long-term competitiveness and value creation.
Myer Holdings share price snapshot
The Myer Holdings share price has been well and truly out of form over the past 12 months. During this time, the retailer's shares have lost over 60% of their value. This compares to a modest gain by the All Ordinaries index (ASX: XAO).
