Myer shares are on a tear

Robert Prezioso/Getty Images)

Shares in Myer are soaring after the retailer said it expected a return to profit growth this financial year.

A short time ago, they were up almost 9% to $1.13.

CEO Richard Umbers told the company’s AGM that EBITDA (earnings before interest, tax, depreciation and amortisation) growth is expected exceed sales growth for the 2017 financial year.

And he is confident of a return to net profit growth this year, assuming no significant deterioration in consumer sentiment.

In the September quarter, total sales were up 0.6% to $719.2 million. On a comparable stores sales basis, sales were up 1.6%.

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