Myer’s half-yearly results on Thursday showed an 8.4 per cent jump in adjusted net profit to $43 million, despite the retailer’s sales plunging 13.1 per cent to $1.4 billion.

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Earnings on a statutory level, which took into account impairments incurred in the prior corresponding half, rose 70 per cent. Earnings before interest, tax, depreciation and amortisation were largely flat on the prior corresponding half, down 1.7 per cent at $214.6 million.

Shares in the retailer fell 13.6 per cent to 28 cents on Wednesday, though this is still far above the 8 cents shares were commanding last March.

Myer has been one of the retailers hardest hit by the pandemic due to many of its large-format stores being in CBD locations. Excluding these stores, comparable sales for the half rose 6.3 per cent.

The company has also been at a disadvantage due to a slower start online than many of its competitors, however, online sales turned into a bright spot for the business, rising 71 per cent to $287.6 million over the half and representing 21 per cent of total sales.

Myer’s net cash balance was strong across the half, with the business reporting a nearly $100 million increase in cash to $201 million. This was the main positive in the half-yearly results according to Citi analyst Bryan Raymond, who noted the business’ weaker margin growth and slower online sales as negative points.

“The balance sheet seems very well placed with a strong net cash position, well inside covenants,” he said.

Acting chair JoAnne Stephenson said a search was still underway for a new chairman and the company had identified a number of “preferred candidates”. Mr King would not indicate if the candidates were internal or external appointments.

“Relevant retail skills have been a priority in the search. We will update the market as soon as it is appropriate to do so,” Ms Stephenson said.