Myer Sees Profit Rise

Myer has announced that it has posted a profit of $88 million in the first semester of the fiscal year. The profit was better than initially expected.

The department store giant posted a net profit of some $87.9 million in the first six months of the fiscal year. The figure is one percent higher compared to previous period. This was a surprise development since industry analysts expected that profit would drop to $85 million.

According to Myer, its total sales also posted $1.73 billion. This is two percent higher compared to the previous period. The company also declared a dividend of 10 cents. Its shares also rose some 16 cents.

Evan Lucas, a strategist from IG Markets, said the positive result of Myer’s performance is good news for its shareholders.