Myer expects H1 sales to be above pre-Covid level

Australian department store chain Myer reported a first half comparable sales increase of 0.1 percent. The company expects total sales for the period to be down 3 percent to 1,829.1 million Australian dollars and 13.8 percent higher than pre-Covid first six months results.

Commenting on the trading update, Myer CEO, John King, said: “Like many retailers, we have had to contend with inflationary pressures and greater promotional cadence, which has had an impact on profits. Our focus remains on seeking to drive further and sustainable cost efficiencies and inventory management.”

The company said in a statement that the marginal increase in comparable sales demonstrates the strength of the improved customer value proposition under the Customer First Plan despite the challenging trading conditions compared to the prior corresponding period.

Group online sales are expected to be 390.1 million Australian dollars, an increase of 2 percent, representing 21.3 percent of total Sales.

Myer currently expects first half net profit after tax to be between 49 million Australian dollars and 53 million Australian dollars