Myer boss John King says the retailer is tuning out talk of a potential tie-up between it and department store rival David Jones, adding that the board’s sole focus is on forging ahead with the company’s turnaround.

The retailer’s strategy, for the time being, is delivering results, with Myer on Thursday posting its strongest profit figures in years.

Myer unveiled a 5.7 per cent jump in net profit to $49 million for fiscal 2022 and told investors that it had seen its strongest start to the new financial year since 2006. The robust result will see investors receive a 2.5 cent dividend, pushing the full-year payout to 4 cents.

The numbers come amid widespread speculation about the future structure of Australia’s department store sector. 

The owner of Myer rival David Jones, South African retailer Woolworths Holdings, is reportedly looking to offload the business. Meanwhile, years on from his first pursuit of the company, retail veteran Solomon Lew has been gradually increasing his stake in Myer through Premier Investments, and plans to put up former Myer Grace Bros. boss Terrence McCartney as a director nominee at Myer’s annual general meeting in November.

Asked about the move to appoint McCartney to the board, King said he would leave the issue to investors. “Whoever the shareholders want to appoint, let the shareholders decide,” he said.

Myer previewed its earnings back in July, prompting the stock to jump. Shares fell throughout Thursday’s session after the formal presentation of results before finishing flat at 63.5 cents.

The department store has prioritised online sales in recent years and has made strong progress throughout the pandemic. After a 34 per cent increase in 2022, digital transactions now make up 24 per cent of overall sales.

King highlighted that Myer has been able to outpace the broader retail sector with its online growth, but noted its store footprint would continue to give it an edge over online-only retailers as digital spending slows down.