Department store group Myer has announced a half-yearly 24 per cent jump in sales. -AAP Image
Shoppers have been spending big at Myer, despite rising interest rates squeezing household budgets, with the department store chain announcing a significant jump in profit.
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The group, which retails brands spanning fashion, cosmetics, homewares and electricals, on Thursday announced a doubling in net profit to $65 million, fuelled by $1.9 billion in sales - a 24 per cent increase in the six months to January 28.
"We are very pleased with the strength and quality of our first half results, with a best-on-record first half sales performance, significantly improved profitability and a balance sheet that continues to provide a strong foundation for future growth," chief executive John King said.
Shareholders will receive a fully-franked dividend of 8 cents per share, up from 1.5 cents the previous year.
A week earlier, Myer's largest shareholder Solomon Lew's Premier Investments consolidated its control of the company, raising its stake from 22.87 per cent to 25.79 per cent.
In January, Myer announced a 38 per cent jump in sales for the five months to December 31 compared to the previous corresponding period.
At the time, it expected first half net profit to be between $61m and $66m
Myer has made a stunning comeback on the ASX in recent months, reaching a six-year high in late January.
Its shares buy 95.5c ahead of Thursday's market open.
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