There are two messages from Myer’s impressive sales numbers and the strong jump in the share price it provoked on Tuesday.

Firstly, chief executive John King is turning out to be a pretty handy retailer. As Investors Mutual portfolio manager Simon Conn argues, King has steadily improved Myer’s financial position since he arrived in 2018, reducing fixed costs, cutting floorspace, managing inventory closely, driving the Myer One loyalty program hard and focusing heavily on well-known brands.