Myer FY26 Sales $4.09B, Flags Weak Consumer Spending

Myer Holdings Limited (ASX:MYR) provided a preliminary and unaudited trading update for the 2026 financial year, the 12 months ended 25 July 2026. Total sales were $4,089 million, up 11.3% on an actual basis and up 0.3% on a pro forma basis, with group comparable sales up 0.7%. Growth was driven by the Home, Womenswear and Kids categories and Just Jeans, along with Marketplace and Concession sales, offset by lower sales in Beauty and Portmans. Operating gross profit was in the range of ~$1,601 million to ~$1,607 million, up ~13.8% to ~14.3% on an actual basis and down ~2.1% to ~2.5% on a pro forma basis, reflecting higher than planned promotional activity, with an OGP margin of ~39.2% to 39.3%. Cost of doing business percentage was broadly in line with the ~29% FY26 target.

Myer attributed volatile second-half trading to sustained cost-of-living pressures, the inflationary effects of higher fuel prices arising from the Middle East conflict, three interest rate increases in CY26, slower household income growth, a weaker housing market and a warmer than average start to winter. The company reported record active loyalty membership of 5.3 million and a record Myer Retail tag rate of 81.5%. Year-end results finalisation, including assessment of any impairment and additional Significant Items required to finalise Statutory NPAT, has commenced. Myer will announce its FY26 results in September 2026 following completion of the annual audit and Board approval.