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Myer posts strong performance in half year results

(Source: Bigstock)

Department store Myer has recorded a strong performance in its half-year results, with net profit after tax hitting $32.3 million – an increase of 55 per cent. 

Myer’s total group sales were up at 8.5 per cent to $1.51 billion, with comparable sales growth of 17.8 per cent. Group online sales grew 47.5 per cent to $424.1 million contributing 27 per cent of total sales.

The business lost 23 per cent of in-store trading days in lockdown, but Myer’s CEO John King expressed that both online platforms and store networks performed well in navigating the challenges faced during this period.

“We are sharply focussed on our plans for the future built on the key growth drivers of online sales, the value of our Myer one program and the delivery of our Customer First Plan, all of which are geared to creating improved value for our stakeholders,” he added.

The group has reported that the first five weeks of the second half has recorded a strong sales momentum both in-store and online delivering 15.2 per cent in sales growth.

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