Surge in online sales boosts Myer profit expectations

Shares of Myer (ASX:MYR) jumped more than 18% after the company increased its full year profit guidance.

The company?s outlook was boosted by online sales, which the company says are up between 32.5% and 34.34% compared to a year earlier.

Myer says it expects to finish FY22 in a positive net cash position of more than $155 million, compared to $112 million at the end of FY21.

?The momentum in the second half in terms of sales growth both in-store and online, profitability and strengthening of our balance sheet places us well as we go into the new financial year,? said Myer CEO John King.