Full Year 2025 Myer Holdings Ltd Earnings Call Transcript
Key Points
- Total sales for FY25 were 3.7 billion, up 0.5% on a pro forma basis, showing resilience despite challenging conditions.
- Group online sales increased by 15% to 818.9 million, reflecting strong investment in digital and omni-channel capabilities.
- Net cash position improved significantly, ending the year at 168.1 million, up 54.3 million from FY24.
- Integration of Myer Apparel Brands is progressing well, with targeted synergies of 30 million expected by the first half of FY27.
- Myer One loyalty program continues to grow, with a record high tag rate of 79.5% and active customer numbers up 6.9% to 4.7 million.
- Earnings before interest and tax (EBIT) decreased by 13.8% compared to the previous year, impacted by challenging retail conditions.
- Underlying impact was down 30%, with a statutory impact of negative 211.2 million due to a one-off non-cash impairment.
- Cost of doing business increased significantly, driven by higher store wages, occupancy costs, and distribution expenses.
- Shrinkage and anti-social behavior remain significant challenges, with a 79% increase in incidents reported in FY25.
- The New Zealand market remains subdued, impacting consumer sentiment and discretionary spending, particularly affecting the Dottie brand.
Thank you for standing by and welcome to the Mayer Holdings Limited's FY25 results briefing. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you do wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad.
I would now like to hand the conference over to Myer's General Manager, Investor Relations, David Akers. Please go ahead.
Good morning everyone. With today's briefing, we have our executive chair, Olivia Wirth; and Group Chief Financial Officer, Kathy Karabatsas, on the call. Olivia will provide an overview of FY25 and then Cathy will step us through the financial results in more detail.
Olivia will then provide an update on our growth strategy and a brief trading update for the first seven weeks of 1H '26. There'll be time for questions at the end, and I'll hand over to Olivia.
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