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MYER MY STORE 4 March 2021 HALF YEAR 2021 RESULTS STRONG GROWTH IN GROUP ONLINE SALES¹ , UP 71.0 % TO $ 287.6 MILLION NET PROFIT AFTER TAX² UP 8.4 % TO $ 42.9 MILLION NET CASH IMPROVED BY $ 98.2 MILLION TO $ 201.1 MILLION 1H21 RESULTS ( post - AASB 16 ) for the 26 weeks to 23 January 2021 , compared to 1H20 : • • • • • • Total sales³ down 13.1 % to $ 1,398.0 million ; reflecting store closures and reduced foot traffic throughout the period , particularly in the large CBD stores Melbourne , Sydney and Brisbane Comparable store sales were down 3.1 % ; up 6.3 % excluding the six CBD stores Continued strong growth in Group online sales¹ up 71.0 % to $ 287.6 million , representing 21 % of total sales and one of the largest and fastest growing online retailers in Australia Operating Gross Profit ( OGP ) margin declined by 55 basis points to 38.6 % due in part to lower margin sales in apparel categories early in 1H21 Cost of Doing Business ( CODB ) ² down $ 86.0 million or 20.9 % to $ 325.2 million , including JobKeeper wage subsidy and rent waivers EBITDA² declined by 1.7 % to $ 214.6 million and was flat on a pre - AASB 16 basis EBIT² increased by 2.7 % to $ 109.0 million , EBIT2 margin increased by 120 basis points to 7.8 % Statutory net profit after tax up 76.3 % to $ 43.0 million Net cash improved by $ 98.2 million to $ 201.1 million , inventory was down 22 % at the end of the period Dividend remains suspended COVID - 19 : • During the period , the primary focus continued to be on the health and wellbeing of customers , team members and the broader communities in which Myer operates • CBD stores most impacted by reduced footfall ; comparable store sales in CBD stores down 32 % JobKeeper wage subsidy provided extensive employment support for team members . KEY FINANCIALS ( post - AASB 16 ) $ MILLIONS Total Sales³ 1H21 1H20 CHANGE 1,398.0 1,607.9 ( 13.1 % ) Operating Gross Profit ( OGP ) 539.8 629.6 ( 14.3 % ) Cost of Doing Business ( CODB ) ² ( 325.2 ) ( 411.2 ) ( 20.9 % ) Earnings before Interest , Tax , Depreciation and 214.6 218.4 Amortisation ( EBITDA ) 2 ( 1.7 % ) Earnings before Interest and Tax ( EBIT ) 2 109.0 106.2 2.7 % Net Profit after Tax² 42.9 39.6 8.4 % Statutory Net Profit after Tax 43.0 24.4 76.3 % 1