17 September 2022
The Weekly

Myer says strong sales performance in both online and physical stores boosted profits in its latest full-year. In a trading update for the 52 weeks to July 30, the business reported sales growth of 12.5% to $2.98bn while comparable store sales grew 15% despite losing 11.4% of in-store trading days to Covid-related lockdowns. Online sales grew 34% to $722.8mn representing 24.2% of all sales. Post-tax profit for the year was $60.2mn, an increase of $30.7mn, or 103.8% compared to the prior year. Strong second-half sales were a major driver of the profit boost. The business has also acquired 600,000 customers throughout the year, mainly in younger demographics, while also retaining 3.7mn active customers in its loyalty program.

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