Myer sales surge in a buoyant post-Covid era

Myer sales are soaring, significantly ahead of comparable pre-Covid era trading periods. 

In a trading update released today, the company said sales for the five months to December 31 were up 18.9 per cent over the first half of the 2020 financial year and by 14.3 per cent over the first half of 2019. Sales for the six weeks until Christmas Eve were up 8.7 per cent year on year. 

“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,” said Myer CEO John King. 

“As with most retailers, we remain cautious on the macroeconomic environment for the remainder of the calendar year but are equally confident in the continuing momentum we have within the Customer First Plan and a range of initiatives we are executing.”

Comparisons of the latest trading half against a year earlier are of little relevance given the impact of enforced store closures during much of the first quarter.

The department store operator said it expects first-half net profit after tax to be between $61 million and $66 million, which would mark an improvement of between 89 per cent and 104 per cent higher than the previous year, or 54 per cent to 67 per cent higher than the first half of the 2020 financial year, the most recent comparable trading period unaffected by Covid.  

Interim results are scheduled for release in early March.

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