18 August 2021
The Weekly

Myer Holdings forecast an annual profit for fiscal 2021, compared with a loss it reported last year, helped by a surge in online sales and benefits from government support schemes and rent waivers. In March the company received A$51mn as part of the JobKeeper scheme and was granted A$18mn in rent waivers related to store closures. Myer now expects online sales to rise about 28% to A$539.5mn (US$397.5mn) and make up a 20% of its total revenue in fiscal 2021, while total sales for the year are projected to increase 5.5%. It also forecast net profit after tax to be between A$47mn and A$50mn for the year ending July, compared with a net loss of A$11.3mn in fiscal 2020 and a A$33.2mn profit in 2019.