Department store Myer has registered strong sales growth in its December half – and its profit is the highest since the first half of 2014.
Audited results for the 26 weeks to 28 January show sales grew 24.2 per cent to $1.9bn while tax-paid profit increased 101.4 per cent to $65M. As customers returned to in-store shopping, online sales fell 9.8 per cent to $382.3M, but they still contributed 20.3 per cent of overall sales.
Myer CEO John King described the first-half sales achievement as the “best on record” with improved profitability providing a strong foundation for future growth. “Our strong omni-channel offer continues to give us the ability to capture the opportunities that pure plays simply cannot, with strong growth in our store sales reflecting the re-balancing of sales post lockdowns, a return to CBD growth and a robust online business providing synergies in both digital and physical environments.”
