Myer's Customer First Plan has driven it back to profitability, the business has revealed in its FY21 results.
The department store revealed total sales lifted 5.5% to $2,658.3 million, despite widespread store closures and travel restrictions.
Myer also reported a net profit after tax of $51.7 million, up from a loss of $13.4 million in FY20.
The strong results come in stark contrast to major shareholder Solomon Lew's statements, which made headlines in July.
In juxtaposition to his demands, Myer acting chairman JoAnne Stephenson did not resign and has instead been appointed as chairman of the board.
In addition, Myer will welcome Ari Mervis to the board on September 20.
Mervis will bring experience from his seasoned retail career to the Board, which includes 25 years at SABMiller, where he served 10 as MD of the Asia Pacific region.
Mervis was also responsible for the acquisition and integration of Carlton and United Breweries by SABMiller as CEO.
Mervis is currently a non-executive director and chairman of consumer products business McPhersons.
Myer Chairman JoAnne Stephenson welcomed Mervis to the Board.
"Ari brings global experience spanning a range of industries in branded goods and consumer staples bringing deep understanding of consumer markets.
"With his executive experience in driving sustainable top line growth, cost reduction and unlocking value through portfolio optimisation, Ari will bring valuable insights to the Myer board and business," she said.
Other key results from Myer's FY21 report include a 27.7% lift in online sales, which now account for 20.3% of total sales.
This traction in online is positive news for the retailer, which has just launched its online destination, The Movement at Myer, and invested in a new 40,000 square metre fulfilment facility in Victoria.
During the period, Myer also invested in its bricks-and-mortar stores, revamping the Karrinyup store's Beauty Hall.
Meanwhile, Myer's EBIT increased by 117% to $170.5 million, while EBIT margin increased by 330 basis points to 6.4%.
Statutory NPAT was $46.4 million, up from a loss of $172.4 million in the prior year.
Myer CEO John King thanked the Myer team for their efforts in helping deliver the results.
"This result is a testament to the hard work of our team, and we are starting to see the business thrive despite the extraordinary market conditions.
"Our significantly improved FY21 results, including growth in profitability for both the first and second half, demonstrated the Customer First Plan is getting real traction.
"Despite the on again off again nature of physical retail over FY21, when combined with continued growth in the online business, we delivered solid sales growth when not impacted by lockdowns, particularly in 2H21.
"As we have consistently said over the past three years our focus has been on profitable sales, growing the online business, disciplined management of costs, each and inventory, space optimisation and the deleveraging of our balance sheet.
"The successful execution of these, and many more strategic initiatives, has delivered solid growth across all our key metrics in FY21," he said.
Myer's dividend remains suspended, due to the ongoing lockdowns across NSW, Victoria and the ACT, and the uncertain timing of exit from these lockdowns.