Myer‘s share price soared on the news that revenues climbed 8.5 per cent to $1.517 billion for the first half of the financial year 2022. The iconic retailer also re-instated its first dividends in more than four years.
The runaway performer for the department store chain was online sales which surged 47.5 per cent in the first half of FY22 to $424.1 million, representing 27.9 per cent 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”, noted John King, CEO of Myer.
The retailer confirmed its target of achieving $1 billion in online sales in the near future. “In key categories, our growth is significantly outpacing competitors, both multi-channel retailers and online pure play”, he added.
Net profit also increased 55.2 per cent to $32.2 million, by contrast to the previous year.
Myer also emphasised the ongoing importance of its Customer First Plan, introduced in 2018, and the MYER One loyalty program.
Government-mandated lockdown restrictions in key states affected 25 per cent of Myer stores in 2021 – a loss of 2,400 trading days.
This year started on a high note, though. “Despite the initial impact of Omicron in early January, we have returned to a growth trajectory – delivering 15.2 per cent sales growth in the first five weeks of trade in the second half across both stores and online”, said King.
With 60 stores nationwide, Myer is one of Australia’s biggest retailers of prestige and premium beauty.