Shoppers have been spending big at Myer, despite rising interest rates squeezing household budgets, with the department store chain announcing a significant jump in profit.
The group, which retails brands spanning fashion, cosmetics, homewares and electricals, on Thursday announced a doubling in net profit to $65 million, fuelled by $1.9 billion in sales - a 24 per cent increase in the six months to January 28.
"We are very pleased with the strength and quality of our first half results, with a best-on-record first half sales performance, significantly improved profitability and a balance sheet that continues to provide a strong foundation for future growth," chief executive John King said.
