Department store and apparel retailer Myer is showing no signs of slowing down, reporting bumper first-half earnings in the wake of industry “volatility”.

For the six months ending January 24, Myer reported a sales increase of 24.5 per cent and an after-tax profit increase of 32.8 per cent, while keeping costs below its guidance.

The company attributed its success to a record Black Friday, the integration of Myer Apparel Brands, and the growth of its Myer One loyalty program.

“Sales growth was achieved both in store and online, and our disciplined cost management allowed us to make targeted investments, including in e-commerce, marketing, product, merchandise and supply chain to deliver on our plan,” executive chair, Olivia Wirth, said. 

“We achieved our biggest Black Friday on record for Myer Retail, and total sales for the group through the important trading months of December and January were in line with last year – a good outcome that demonstrates the resilience of the business.”

Ending the period with $2.27 billion in sales and $40.3 million in statutory net profit after tax, Myer now holds a net cash position of $287 million. 

Its loyalty program – Myer One – now has 5.1 million active members. The integration of its apparel division into the app has helped Myer “revamp” its offerings.

“Given the current volatility in the wider macroeconomic environment and the ongoing pressures on discretionary spending, we are more focused than ever on delivering value for our customers,” Wirth added.

“That’s why we are continuing to deliver the right products and brands for the right value and price, focusing on managing our costs and accelerating the momentum of the transformation of the business.”

Looking forward, Myer expects to launch its new marketplace platform by May, while also adding a further 20 brands to its growing beauty portfolio.