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Online boom drives Myer sales boost

Department store group Myer says its sales will nudge $3 billion for the full year as burgeoning online sales and “positive outcome” across all metrics drove solid growth, despite the loss of trading days to Covid during the second half.

In a trading update for the 52 weeks to July 30, the business said it expects second-half sales to be up by about 17 per cent. Based on unaudited accounts, sales for the year will range between $2.85 billion and $2.995 billion.

Online sales accounted for 24 per cent of total sales and are expected to range between $715 million and $725 million highlighting strong growth momentum in the half. That represents year-on-year growth of between 32.5 and 34.4 per cent.

Post-tax net profit for the year is expected to be between $55 million and $60 million, an increase of 86 to 103 per cent over last year if the impact of JobKeeper subsidies is excluded from the prior year, when the results included Jobkeeper support of $22 million after tax.

In response to global supply chain issues, the business’ store stock in hand levels is 9.6 per cent higher than at the same time last year.

Myer’s CEO John King, said the momentum in the second half in terms of sales growth both in-store and online, profitability and strengthening of the company’s balance sheet “place us well as we go into the new financial year”.

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