Myer has recorded a 5.5% year-on-year increase in total sales to $2.65 billion for FY21 in a trading update released on Thursday, with sales in the second half up 38.3% compared to the previous corresponding period.
The trading update is based on preliminary, unaudited results for the 53 weeks to 31 July 2021.
Group online sales experienced growth of 27.7% to $539.5 million representing 20.3% of total sales.
Myer anticipates net profit after tax (NPAT) to be between $47 million and $50 million, compared to a net loss after tax of $11.3 million in FY20. Despite the impact of lockdowns and store closures, Myer expects to return to second half NPAT profitability for the first time since 2H FY17.
Myer CEO, John King said the department store’s Customer First Strategy continues to gain momentum delivering a significantly improved full year profit result, despite the ongoing impacts of Covid-19.
“We will provide further detailed commentary at our audited results announcement in September.”