Myer lifts online revenue on omnichannel investments

Internet Retailing

17th Mar 2016

Myer’s online revenue has increased 70 per cent on the prior year, thanks to omnichannel investments under the department store’s five-year, $600 million turnaround strategy.

“The online business delivered strong revenue growth of 70 per cent on the prior year with the growth in profitability exceeding sales growth,” said CEO, Richard Umbers.

“This impressive performance results from our focus to deliver an improved omnichannel experience including an expansion of the instore iPad service, strong take up of click and collect and upgrades to the myer.com.au site.”

Further bolstering Myer’s omnichannel efforts was the appointment of Mark Cripsey to the newly created role of chief digital and data officer in August 2015, and launching the Myer eBay store which stocks more than 20,000 products, further extending the reach of the brand.

More broadly, Myer’s half year profit was down 4 per cent to $59.7 million. For the 26 weeks ending January 23, sales rose 1.8 per cent to $1.79 billion, with comparable store sales up 3.3 per cent.

Comparable store sales at Myer’s 12 flagship stores in NSW and Victoria — where the company has been directing the bulk of its efforts — jumped 7.1 per cent.

Myer has tightened its full year guidance, forecasting a profit between $66 million and $72 million, compared to its previous forecast of $64 to $72 million.