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Myer posts strong sales growth

By Prachi Singh

Jan 24, 2023

In a trading update for the period to December 31, 2022, Myer Holdings Limited said, in comparison to corresponding prior periods not affected by Covid, total sales were up 18.9 percent versus first half of 2020, and up 14.3 percent versus 2019.

Myer currently expects its first half net profit after tax to be between 61 million Australian dollars and 66 million Australian dollars, up between 89 percent and 104 percent over the same period in 2022, or between 54 percent and 67 percent higher than first half of 2020 pre-Covid.

Commenting on the trading update, Myer CEO, John King, said: “The results, which reflect our best sales on record for the first five months, are particularly pleasing and more importantly also reflect improved profitability within the business.”

The company said in a release that department store total sales for the six weeks to December 24, 2022 were up 8.7 percent on the prior corresponding period.

The group’s online sales slipped by 9.4 percent but online transactions were up 39.9 percent compared to the corresponding five months in the first half of 2021.

Myer