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Online growth underpins strong full-year sales and profit for Myer

Department store chain Myer says its online channels have returned to growth, helping fuel its highest full-year sales since 2005 this year.

“Our multi-channel offer is a key strength of these results as we capitalised on customers returning to stores after closures in the prior year, underpinned by our leading customer loyalty proposition in Myer One,” said John King, CEO.

The company’s total sales grew 12.2 per cent to $3.36 billion in FY23. Its online business achieved revenue of $691 million, representing 20.5 per cent of total sales.

“Our online offer is a scale business that returned to growth in the second half and has continued to increase market share throughout FY23.”

Net profit rose 18.2 per cent to $71.1 million for the 12 months to July 29, the highest since 2015. Statutory net profit rose 23.3 per cent to $60.4 million, including the closure costs of the Altona and Richlands distribution centres and the Brisbane store.

Operating gross profit margin declined to 36.4 per cent, while cost of doing business margin slid to 24.5 per cent.

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