Myer has reported a statutory net loss after tax of $211.2 million for this financial year, down from a profit of $43.4 million year-on-year. 

The company attributed this to a one-off non-cash impairment of $213.3 million for the acquisition of Apparel Brands, and a merger and integration cost of $34.7 million.

Excluding these impairments, Myer’s net profit after tax was $36.8 million, down from $52.6 million during the same period last year. 

The company saw a 0.5 per cent increase in its total sales to $3.67 billion, with its EBITDA rising from $359.7 million to $383.2 million

Myer’s operating gross profit was $1.4 billion, reflecting six months of contributions from Apparel Brands, and its operating gross margin rose to 38.3 per cent. 

Over the financial year, Myer completed the acquisition of Apparel Brands and progressed on the restructuring and integration of Sass & Bide, Marcs and David Lawrence into the Myer Group. 

The company also completed a review of its National Distribution Centre in Ravenhall, Victoria, with a remediation plan in place to ensure optimised centre performance.

“FY25 was a transition year for Myer Group as we reset the base to position the business for long-term growth,” said Myer executive chair Olivia Wirth.

“Despite challenging macroeconomic conditions and tough retail markets in Australia and New Zealand, we achieved positive sales growth in our first period as a combined group. 

“We are making significant progress in executing our strategy for the Myer Group, building a diversified omni-channel retail powerhouse to drive growth and deliver sustainable returns for shareholders.”

Wirth said the challenging macroeconomic environment and rising costs of doing business impacted Myer’s performance, but that the company expects to see a return on investment from the changes “made to strengthen the group and offset ongoing cost of doing business headwinds.”