The Myer Holdings Ltd (ASX: MYR) share price is under the spotlight today after the ASX retail share announced its FY26 half-year result.
Myer is a department store business. It also owns a number of clothing brands including Just Jeans, Jay Jays, Dotti and Jacqui E.
Myer FY26 half-year result
Here are some of the main highlights from the six months to 24 January 2026:
- Total sales up 24.5% to $2.28 billion
- Underlying (pro forma) total sales up 2.1%
- Operating gross profit up 35.1% to $886 million
- Underlying EBIT (EBIT explained) up 10.5% to $112.5 million
- Pro forma underlying EBIT down 17.2%
- Underlying net profit up 21.7% to $51.7 million
- Statutory net profit up 32.8% to $40.3 million
- Pro forma statutory net profit down 20.3%
- Interim dividend of $0.015 per share
What’s the deal with pro forma numbers?
Pro forma is an attempt by the company to give investors a true indication of the underlying numbers, even if the statutory/reported numbers tell a different picture.
The pro forma numbers are based on including six months of Myer retail and six months of Myer’s apparel brands for like-for-like comparison purposes as though they’d be owned for the entire six months in both the HY26 and HY25 periods.
The reported numbers showed a large increase in sales and profit because Myer didn’t own the apparel brands in HY25, so it seems like there has been a large increase in sales and earnings.
But, the acquisition of those brands led to a large number of Myer shares being issued, meaning the profit is being split across many more slices. HY26 reported earnings per share (EPS) fell 36% to $0.023, which is a true reflection of the performance of the company’s disappointing profitability.
What happened?
The department store business said that it saw concession sales growth of 10.8% during the period, which it said recognises “Myer’s increasing relevance to concessions and brand owners”.
Its pro forma operating gross profit was flat, as it was impacted by growth in lower margin categories of home and concessions, with “targeted promotional activity to clear legacy Myer exclusive brands ahead of relaunch”.
Its underlying (pro forma) profitability declined because of investments in strategic initiatives, according to Myer.
Those initiatives include integrating the Myer apparel brands, a revamped MYER One program, a Shoppable app, expanded loyalty partnerships, new Myer exclusive brands and ongoing store optimisation (closed 22 Myer apparel brand stores and opened 12), and investments in certain Myer stores and its supply chain.
Final thoughts on the Myer share price
The business reported total sales growth of 1.7% in the first seven weeks of the second half of FY26 to $421.4 million. Myer retail sales grew 2.2% to $341.3 million and Myer apparel brands sales declined 0.4% to $80 million.
Ultimately, investors want to see profit growth, with sales growth usually being a key driver of that. Sales growth is positive, but it did deliver underlying sales growth in the first half and net profit still sank in HY26.
Investors will have to wait and see whether Myer’s initiatives help grow profit or not. I’m not sure Myer is about to see a big surge in profit, but it could positively surprise.
For now, there are other ASX growth shares I’d rather focus on.
