- Myer’s share price touched a 52-week high of AU$0.74 apiece on 21 November 2022.
- The company shared that its sales were strong during the first 13 weeks of the financial year 2023.
Shares of an Australian departmental store operator Myer Holdings Limited (ASX:MYR) touched a 52-week high of AU$0.740 per share on 21 November 2022. Myer’s shares closed 9.02% higher at AU$0.72 per share with a market capitalisation of AU$546.15 million. Including this gain, the share price has increased by 16% in the past five trading sessions. In the last 12 months, the share price has grown by 51.04%, and on a year-to-date basis, it has risen by 57.61%.
The ASX 200 (INDEXASX:XJO) benchmark index was quite volatile on 21 November 2022 and was majorly buzzing in the red territory during the trading session.
Today, Myer’s shares are trading flat at AU$0.72 per share at 10:42 AM AEDT.
Why were Myer shares scaling higher on Monday?
The company didn’t share any price-sensitive news that could drive its share price movement on Monday. Also, the company did not follow its ASX 200 Consumer Discretionary (INDEXASX:XDJ) benchmark index, which closed 0.086% higher at 2924.2 points today.
Recent updates by Myer
On 11 November 2022, the company shared through an ASX filing that it had appointed Terrence McCarthy as its non-executive director.
While sharing the CEO’s address during the annual general meeting, Myer said that its “best” sales had begun during the first 13 weeks of the financial year 2023 (FY23). During the first quarter of FY23, sales grew by 52.8% in comparison to the corresponding period last year.
The group informed the market that growth in online sales had outperformed the market by over 27.7% since FY18. In FY22, online sales penetration was 24.4%.
The company anticipates the introduction of the National Distribution Centre (NDC) in the second half of 2023 (1HFY23) will change its performance and profitability. The NDC is expected to drive inventory management in stores and improve margins online. The NDC is forecasted to be operational in 4QFY23.
Is Myer prepared for the Christmas season peak?
The company claims that it has a “healthy” inventory position as the Christmas stock is in place with a low level of aged stock. The company considers its Christmas program as the “strongest to date” because it launched its first partnership with Disney’s 100th anniversary and introduced a distinctive Christmas marketing program that matches customers' changing profiles.