Myer has reported a 24.8% increase in total sales for the first five months of the financial year from 31 July 2022 to 31 December 2022. Store sales were up 37.9% while online sales dropped 9.4% but still accounted for 20.1% of total sales.
Myer CEO, John King confirmed the results reflect the department store’s best sales on record – since 2004 – for the first five months and show improved profitability within the business.
“As with most retailers, we remain cautious on the macroeconomic environment for the remainder of the calendar year but are equally confident in the continuing momentum we have within the Customer First Plan and a range of initiatives we are executing,” he said.
In comparison to corresponding prior periods not affected by Covid, total sales were up 18.9% compared to 1H20 and 14.3% compared to 1H19.
For the six weeks to 24 December 2022, department store sales increased 8.7% compared to the prior corresponding period. Trading from the stocktake sale period has continued to strongly outperform the prior corresponding period impacted by Omicron.
Myer expects its 1H23 net profit after tax to be between $61 million and $66 million, an increase of between 89% and 104% over 1H22.
Myer’s interim results are expected to be released in early March 2023.