Myer has reported record half sales of $1.8 billion, increasing 24.2% year-on-year and 17.2% compared to first half FY20. Net profit after tax (NPAT) reached its highest level since first half FY14 at $65 million, up 101.4% on the previous corresponding period.
Group online sales were $382.3 million or 20.3% of total sales, down 9.8% year-on-year due to lockdowns in the prior period.
Myer CEO, John King said the department store is pleased with the strength and quality of the first half results with a best-on-record first half sales performance, improved profitability and a balance sheet that provides a strong foundation for future growth.
“The result reaffirms our view that the Customer First Plan is the right strategy, which continues to deliver strong outcomes for our business and shareholders,” he said.
“Our omni-channel offer is strong, we continue to invest in Myer One and have demonstrated our ability to capitalise on customers returning to stores through a targeted program of store space optimisation, a stronger merchandise offer, key refurbishments and improved customer service.”
Myer One continues to underpin growth hitting 73.5% tag rate across all transactions – the highest level since Myer’s public listing in 2009. Active members increased to 4.1 million in the last 12 months with new member acquisition up 36.1%.
In the eight weeks post-Christmas, department store sales were up 16.1% over the prior corresponding period, but King said like all retailers, Myer remains cautious about the macro-economic environment. “However, we are pleased with the momentum we are generating and have a strong pipeline of initiatives still to come, which will ensure we are well placed for the future,” he said.