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Myer set to double first-half profit

Myer has continued its growth momentum by posting its strongest ever sales for the first five months of the financial year amid buoyant festive season shopping.

The department store chain, which has seen business rebound since the end of COVID-19 lockdowns last year, on Tuesday said total sales for the five months to December 31 rose 24.8 per cent.

Store sales jumped 37.9 per cent from the year ago period as shoppers returned to physical stores, while online sales were weaker by 9.4 per cent, but still made up a fifth of the overall sales mix.

Myer CEO John King called the results "pleasing" and said more importantly they also reflected improved profitability within the business.

"As with most retailers, we remain cautious on the macroeconomic environment for the remainder of the calendar year but are equally confident in the continuing momentum we have within the Customer First Plan and a range of initiatives we are executing," he said in a statement.

Myer now expects its first-half net profit after tax to be in the range of $61 million-$66 million, an increase of between 89 and 104 per cent over the first half of 2022.

The company's first half reporting will end on January 28, with interim results to be released in early March.

Australian retailers have enjoyed some of their best trading in recent years over the first half, which included promotional campaigns for Black Friday shopping in November and extended into Christmas and Boxing Day sales.

By 1130 AEDT, Myer shares were up 5.3 per cent to 89.5 cents each, and have now more than doubled over the past 12 months.