Myer reports strong sales growth, profit increases 103.8 per cent

Department store group Myer says strong sales performance in both online and physical stores boosted profits in its latest full-year.

In a trading update for the 52 weeks to July 30, the business reported sales growth of 12.5 per cent to $2.98 billion while comparable store sales grew 15 per cent despite losing 11.4 per cent of in-store trading days to Covid-related lockdowns.

Online sales grew 34 per cent to $722.8 million representing 24.2 per cent of all sales. Post-tax profit for the year was $60.2 million, an increase of $30.7 million, or 103.8 per cent compared to the prior year. Strong second-half sales were a major driver of the profit boost.

The business has also acquired 600,000 customers throughout the year, mainly in younger demographics, while also retaining 3.7 million active customers in its loyalty program.

Myer CEO, John King, credits the business’ Customer First Plan to the success of this financial year.

“We have clearly established strong digital and data credentials in recent years, evidenced by the growth in online and Myer one, however, the true strength of our business is its multi-channel opportunity. 

“The combination of our online performance and our store network returning to growth has allowed us to navigate the early challenges in the year and capitalise on the new opportunities.”

King added despite the broader economic uncertainty, the business is well placed to provide greater value and choice for its customers in the coming year.

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