Outgoing Myer chief executive John King has stared down the threat of Solomon Lew marching up the department store’s share register and says it would be “very silly” to recast the company’s strategy “and start again”.

Mr King’s comments came as he outlined a 12.5 per cent rise in sales and jump in profit for the 12 months to July 29, and after Premier Investments, a vehicle controlled by Lew, increased its stake in Myer from 25.8 per cent to almost 29 per cent last month.