Myer first-half profit drops, names new CEO and Chair

The news: Department store chain Myer has reported a drop in half-year profit and named former Qantas executive Olivia Wirth as its new CEO and Chair.

The numbers: The retailer said net profit for the 26 weeks to 27 January 2024 fell 22.4% to $50.5 million, within its guidance range of $49 million to $53 million. Sales for the half year were up 3% to $1.83 billion. It declared a fully-franked interim dividend of 3 cents a share, down from 4 cents a year ago.

The context: Outgoing CEO John King said the results remained robust despite difficult macroeconomic conditions and comparison with the best-ever first half sales last year. The company has appointed advisors to start the sale process for its fashion brands Sass & Bide, Marcs and David Lawrence.

Myer also announced the appointment of Wirth. She will take over as chair from Ari Mervis with immediate effect, and will replace John King as CEO effective 4 June. The retailer has also promoted its executive general manager for stores Tony Sutton as the new chief operating officer.