Australian department store Myer jumps on the stock market

The results of the chain of 58 Australian department stores exceeded forecasts in the first half of 2023-24. In the wake of this, its shares soared on the stock market.

Other latitudes, other consumer habits?

While department stores are suffering in Europe and the United States, Australian retailer Myer is happily surprising investors.

The publication of its sales figures for the first half of the year, which ended at the end of December, provided a small positive shock. Interim sales amounted to AUD 1.83 billion (approx. $1.2 billion). This represents only a very slight fall on the previous year, but above all “an increase of around 14% on pre-financial crisis levels“, Myer pointed out in a press release.

11-month stock market high

Analysts didn’t expect so much, and in the process, Myer shares soared by around 17.3% to A$0.78, their highest level for 11 months, on the day the results were released (Australian time), Tuesday February 6.

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Featured photo: Myer Melbourne © Myer

Picture of Sophie Michentef
Sophie Michentef
Sophie Michentef has worked for more than 30 years in the professional press. For fifteen years, she managed the French and international editorial staff of the Journal du Textile. She now puts her press, textile, fashion, and luxury expertise at the service of newspapers, professional organizations, and companies.

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