Struggling department store and clothing brands owner Myer has had an encouraging start to its new year, after strong sales in its womenswear and homewares categories.
Total sales for the first 19 weeks of fiscal 2026 rose three per cent, led by the main Myer Retail business.
“Looking across our categories, we have achieved double-digit sales growth in homewares, womenswear and concessions,” Executive Chair Olivia Wirth told shareholders at the group’s annual general meeting in Sydney.
“We also had a strong lead-up to Black Friday for Myer Retail, achieving our biggest Black Friday sale performance on record.”
The group, which is more than 125 years old, is banking on a similar performance in the lead-up to the Christmas and Boxing Day sales.
“All the signs are there. We have reset the business,” Ms Wirth said.
Myer shares closed at 41 cents on Wednesday, compared to a year ago when the stock was trading around $1.22.
In September, the retailer reported a 30 per cent fall in underlying full-year profit to $36.8 million, which it blamed on issues at its national distribution centre.
Given the drop, Myer elected not to pay shareholders a final dividend for the first time since 2021.
Myer is also in the midst of ramping up its local and international brand offerings, with 20 more – including the return to Australia of UK fast fashion stalwart Topshop – set to come online in the second half of fiscal 2026.
“Next year, about 60 per cent of the womenswear on display just around the corner in Myer Sydney City will be new brands,” Ms Wirth said on Thursday.
Topshop, which is known for its affordable, on-trend clothing, shoes and accessories, closed its last standalone stores in Australia in 2020.
It will soon be exclusively offered in 56 Myer stores.
Myer’s local brands include its eponymous department store business and apparel brands Sass & Bide, David Lawrence, Marcs, Jay Jays, Just Jeans, Portmans, Jacqui E, and Dotti.
It now has more than 750 stores in Australia and New Zealand.
Ms Wirth told shareholders Myer had no qualms about getting rid of brands that weren’t performing.
Meanwhile, retail supremo Solomon Lew, who is Myer’s biggest shareholder as head of Lew Group, will join the board in April next year.
Mr Lew is also chair of the listed apparel group Premier Investments, which offloaded the Just Jeans, Jay Jays, Portmans, Dotti and Jacqui E brands to Myer.
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