Myer shares soar on sales growth, Solomon Lew board appointment
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More news: Myer shares surged in early trade after the retail group posted a 3% rise in sales for the first 19 weeks of FY26.
Shares were up 9.8% to 45 cents at 10:30am AEDT. The stock is down 63% over the last 12 months.
Myer also confirmed that billionaire Solomon Lew will join the board in April.
Myer reports 3% rise in early FY26 sales
The news: Retail group Myer has reported a 3% uptick in sales for the first 19 weeks of the 2026 financial year, compared to the prior corresponding period.
The numbers: The company said its retail sales were up 3.4% year on year, driven by double-digit sales growth in homewares, womenswear and concessions.
Myer's recently acquired Apparel Brands business grew 1.3% year on year, boosted by an improved performance in Just Jeans, which delivered mid-single digit sales growth year-to-date. The group said its online sales experienced high-single digit growth.
Myer retained its cost of doing business target for FY26 at 29%.
The context: The update points to relatively stable sales growth for the company, which previously reported 3.1% year-on-year sales growth for the first seven weeks of FY26.
On Wednesday, Myer announced that it would roll out British retailer Topshop across 56 of its department stores nationwide from February 2026.
The source: ASX
