Myer has recorded sales growth of 8.5% to $1.5 billion with comparable sales up 17.8% for the 26 weeks to 29 January 2022.
Statutory net profit after tax (NPAT) fell by almost 25% to $32.3 million, down from $43 million in the prior corresponding period, attributed to the removal of the JobKeeper subsidy. Excluding the net benefit of JobKeeper, profits were up 55.2%.
Sales in the lead up to Christmas, when not affected by lockdowns, delivered 17.1% growth for the two months ended 1 January 2022 over the corresponding period ended 26 December 2020.
“Our half year results demonstrate the strength and resilience of the business providing continued momentum for future growth,” Myer CEO, John King said.
Group online sales continued a growth trajectory up 47.5% to $424.1 million now representing 27.9% of total sales.
“Our online business has grown nearly fourfold in the past four years and is now one of the biggest online retail businesses in the country. In key categories, our growth is outpacing competitors both multichannel retailers and online pureplays,” King said.
In the first five trading weeks of the second half, Myer experienced a return to growth in stores and online, growing 9.3% and 48.6% respectively, while February rebounded strongly with increased consumer confidence.
Reflecting the momentum being built in the second half, Myer is paying a dividend for the first time in four years. “This demonstrates our confidence with a return to sales growth in the first five weeks of second half with trade up 15.2% and a strong platform of future initiatives as part of the Customer First Plan,” King said.