Myer reaps success online despite return of offline trading

Rakshnna Pattabiraman

8th Aug 2023

Department store Myer’s online business continues to boom despite consumers returning to in-store shopping.

In a trading update issued today based on unaudited accounts, the company said online sales account for 20.5 per cent of the company’s turnover for the full year.

Group online sales fell 4.5 per cent in FY23 reflecting increased spending due to Covid-related restrictions in the previous comparable period. When compared to FY19 – the last full year before the advent of Covid – online sales are up 163.2 per cent.

CEO John King said the business continues to “tightly” manage costs, inventory and cash to ensure a strong balance sheet as it begins its new calendar year.

“Myer’s Customer First Plan has continued to deliver both positive sales growth and positive profit growth in FY23, despite the prevailing macroeconomic headwinds that have buffeted the retail sector throughout the second half.”