Myer has recorded statutory net profit after tax of $46.4 million for the 53 weeks ending 31 July 2021, up from a statutory loss of $172.4 million in the prior year.
Total sales increased by 5.5% to $2.66 billion, representing solid growth particularly in Q1 and Q4 of the reporting period. Comparable total sales rose 0.9% for the period but were up 8.4% in the second half.
Online sales experienced strong growth of 27.7% to $539.5 million, accounting for 20.3% of total sales, with beauty and home categories the standouts, up 129% and 116% respectively. Overall online growth was attributed to extensive website improvements coupled with increased fulfilment capacity and efficiency from the new 3PL arrangement.
Acknowledging that online growth is unlikely to stay at current levels moving forward, Myer still remains confident that the online channel will continue to gain momentum as it builds on the range and choice for customers, as well as improving operational efficiency.
Myer CEO and managing director, John King said the significantly improved FY21 results including growth in profitability for both the first and second half, demonstrates the Customer First Plan is getting real traction.
“Despite the on again off again nature of physical retail, when combined with continued growth in the online business, we delivered solid sales growth when not impacted by lockdowns, particularly in the second half,” he said.
“The business is well placed ahead of the upcoming peak trading period and the team are focused on remaining agile in response to the various state-based lockdowns and travel restrictions.”
Board update
Myer has appointed JoAnne Stephenson as chairman of the board with Ari Mervis (pictured) joining the board from 20 September 2021.
Mervis’ executive career includes more than 25 years with SABMiller plc including nearly 10 years as managing director of the Asia Pacific region. He was responsible for the acquisition and integration of Carlton and United Breweries. He is now a non-executive director and chairman of McPhersons Ltd.
“Ari brings global experience spanning a range of industries in branded goods and consumer staples, bringing deep understanding of consumer markets,” Stephenson said.
“With his executive experience in driving sustainable top-line growth, cost reduction and unlocking value through portfolio optimisation, Ari will bring valuable insights to the Myer board and business.”