Myer (ASX:MYR) holds dividend after unveiling bumper profit

Bouncing back from the havoc of Covid-19, department store Myers (ASX:MYR) unveiled a $51.7 million profit for their full-year ending 31 July this year.

The retail giant suffered a $13.4 million loss from the year before as the shock from the pandemic forced shops to close and maximise their online channel. However, they also attributed their performance to a number of restructuring changes. 

Online sales soared 27.7 per cent at $539.5 million in the period which now makes up 20.3 per cent of total sales. Despite the setback, total sales spiked higher by 5.5 per cent to $2.6 billion.

Meanwhile, Myers banked $50.7 million in Jobkeeper subsidies, paying out $19.1 million to eligible employees. The retail giant noted that without this assistance, their profit would have come in 42.7 per cent lower at $29.6 million.

In light of the uncertainty around the current lockdowns, no final dividend was declared.

Elsewhere, acting-chair JoAnne Stephenson is now in the role permanently as of today, and that Ari Mervis would join the board as a non-executive director from the 20 September.

Shares in Myers (ASX:MYR) are trading 7.8 per cent higher at $0.55.

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