Myer has reported a profit for the first time in nine years, but sales at the department store chain continue to fall. The company managed a narrow full-year profit of $24.5 million, while revenue for the 12 months to June 30 fell by 3.5 per cent to $2.99 billion. The company again refrained from paying a dividend.

Chief executive and managing director John King hailed cost management, which he said saved $32.6 million through a new staffing model, a more focused marketing spend and reduced store occupancy.

Since July 2018, Myer has either closed or announced the closure of 29,000 square metres in store GLA with a further 5 per cent to 10 per cent under active discussion. John King says there is more to be done to transform the business:

"In addition to cost savings expected with further space reductions, material opportunities remain to reduce costs in supply chain and fulfilment as well as other non-customer facing activities." he said.

The company also says that a "significant brand refresh" was currently under way with an additional 40 new brands set to arrive in-store by this Christmas, including Oasis, Warehouse, Karl Lagerfeld Paris, Selected Femme, Selected Homme, Vero Moda, Fiorucci, Rotate by Birger Christensen, Jack London, Twisted Tailor and Acqua di Parma.