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Myer eyes $1 billion online sales this year

Struggling department-store operator Myer has reported online sales growth of 47.5 per cent in the half-year – and that growth has been even faster over the first five weeks of the second half. 

In results published this week, Myer said the group’s online sales growth reached $424.1 million and now represents 27.9 per cent of total sales. 

In the first five weeks since January 29, Myer’s online sales grew by 48.6 per cent – a starkly higher growth rate than the 9.3 per cent of physical stores. 

“Our online business has grown nearly fourfold in the past four years and is now one of the biggest online retail businesses in the country,” said CEO John King.

“In key categories, our growth is significantly outpacing competitors, both multichannel retailers and online pure plays,” he said, adding that Myer believed its digital channel offers substantial value and untapped potential.

Myer’s share price surged 24 per cent after the company said it would pay out a dividend for the first time in five years. Total revenue for the half was $1.517 billion and net profit was $32.3 million.

“The combination of our online platform and store network performed well in navigating the challenges faced during the period including disruptions caused by government-mandated lockdowns to mid-October, the emergence of Omicron in late December, and the mitigation of major supply chain disruption and staffing availability in early 2022,” said King.

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