Department store giant Myer is becoming a classic battle between the bulls and the bears – and the company's caveat-heavy profit guidance demonstrates this perfectly.

Less than four months after chief executive Richard Umbers sent his share price flying and the short sellers scurrying upgrading Myer's full-year profit outlook, the retailer easily beat expectations for its first-half net profit, with earnings rising 5.3 per cent to $62.8 million, ahead of consensus for $58 million.