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Myer Posts Strongest Sales In 18 Years

Myer’s CEO John King says its sales for the five months ended December 31 were up 24.8 per cent, the best results for the department store giant since 2004.

In-store sales were up 37.9 per cent year-on-year, while online sales dropped 9.4 per cent. Both these figures represent the fact that foot traffic was impacted by COVID during the last five months of 2021.

Compared to corresponding prior periods not impacted by the pandemic, total sales were up 18.9 per cent from the same period in 2020, and up 14.3 per cent compared to 2019.

“The results, which reflect our best sales on record for the first five months, are particularly pleasing and more importantly also reflect improved profitability within the business,” King said, in a trading update lodged with the ASX this morning.

Department stores sales for the six-week period to December 24 were up 8.7 per cent on the same period in 2021. By comparison, David Jones reported its own six-week sales to December 24 were up 2.3 per cent.

Myer expects its first-half net profit (from July 31- January 28) after tax to be between $61 million and $66 million, up between 89 per cent and 104 per cent over the first half of the previous year, or between 54 and 67 per cent higher than the same period in 2020.

“As with most retailers, we remain cautious on the macroeconomic environment for the remainder of the calendar year,” King said, saying the Group is confident “in the continuing momentum we have”.

Myer’s interim results will be released in early March.


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