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Myer rewards long-suffering investors, shares surge18pc

Carrie LaFrenz

Myer shares surged more than 18 per cent to a six-year high after the department store rewarded its long-suffering shareholders with a special dividend, after posting its highest half-year net profit in almost a decade.

Chief executive John King said sales had held up in January and February, but the growth rate was slowing in a sign that higher interest rates and other cost of living pressures were starting to take effect.

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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com

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    Original URL: https://www.afr.com/companies/retail/myer-rewards-shareholders-with-super-sized-dividend-20230309-p5cqmv