Myer has posted sales growth of 12.5% to $2.98 million with comparable store sales increasing 15% for the 52 weeks to 30 July 2022. Statutory net profit after tax (NPAT) was up 5.7% to $49 million.
Online sales grew 34% to $722.8 million, representing almost one-quarter (24.2%) of total sales.
In the first six trading weeks of the new financial year, Myer has seen its best sales start to a financial year since 2006, led by strong store sales.
“The full year results demonstrate again how the Customer First Plan continues to deliver and continues to gain momentum with our best second half profit result in nearly 10 years and another dividend paid to our shareholders,” Myer CEO, John King said.
“The true strength of our business is in the multi-channel opportunity. The combination of our online performance and our store network returning to growth has allowed us to navigate the early challenges in the year and importantly capitalise on the new opportunities arising.”
The new fulfilment capability that comes from the National Distribution Centre (NDC) in the second half of FY23 will be a step change for Myer’s online operations and its customers.
“Our online business has been a core foundation for our business growth and has importantly continued to outperform the market. The continued investment in experience, expanded range and importantly the launch of our NDC will see this continue to be a strength.”
Myer acquired almost 600,000 Myer One customer throughout FY22, mainly in younger demographics. There are now 3.7 million active customers in the last 12 months, making it one of the largest active retail loyalty programs in the country.
“We have invested in our Myer One and data capability programs with strong growth in all metrics,” King said.