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Myer Reports “Strong Sales Growth” Despite Omicron

Myer is the latest Aussie retailer to warn investors of “headwinds from lockdowns”, but unlike the likes of Wesfarmers, JB Hi-Fi and Adairs, the department store giant is reporting strong sales growth for the final five months of 2021.

Myer’s sales for the five months to 1 January 2022 were up 12.3 per cent compared to the corresponding period in 2020.

This is despite 27 per cent of bricks-and-mortar trading days being lost during the period due to Omicron, compared to just 10 per cent in the same period in 2020.

Department store sales for the two months ended 1 January 2022, were up 17.1 per cent over the corresponding period, while online sales were 54.3 per cent higher.

“The results demonstrate the continued momentum of our Customer First Plan and the resilience of the business to overcome the initial months of lockdowns and still record significant sales growth during this period,” Myer’s CEO, John King said.

“Whilst we are seeing Omicron impact sales post Christmas, we will continue to focus on growing our strong online business, ongoing engagement across our MYER one program and disciplined management of costs and inventory.”



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