Myer (ASX:MYR) has announced a 12.5% increase in their total FY23 sales when compared to the previous fiscal year, FY22.

The company is forecasting a net profit after tax (NPAT) for the second half of FY23 to lie between A$4 million and A$8 million.

In addition, Myer projects an annual FY23 NPAT ranging from A$69 million to A$73 million.

The company is also expecting to have a positive net cash position of A$120 million in FY23.

The total group inventory in FY23 is expected to be at a similar level as the previous year.

The company has indicated that items of significant individual value and implementation costs are likely to be recorded in FY23.

The company also anticipates ongoing uncertainty in the macroeconomic environment to continue into FY24.

Myer is a retail company based in Australia that offers a broad range of merchandise from clothing to household goods.