Myer’s profit doubles during first half

Department store Myer has registered strong sales growth in its December half – and its profit is the highest since the first half of 2014.

Audited results for the 26 weeks to January 28 show sales grew 24.2 per cent to $1.9 billion while tax-paid profit increased 101.4 per cent to $65 million.

As customers returned to in-store shopping, online sales fell 9.8 per cent to $382.3 million, but they still contributed 20.3 per cent of overall sales.

Active members increased to 4.1 million last year while Myer One achieved a 73.5 per cent tag rate.

Myer CEO John King described the first-half sales achievement as the “best on record” with improved profitability providing a strong foundation for future growth.

“Our strong omnichannel offer continues to give us the ability to capture the opportunities that pure plays simply cannot, with strong growth in our store sales reflecting the re-balancing of sales post lockdowns, a return to CBD growth and a robust online business providing synergies in both digital and physical environments.”

In the eight weeks post-Christmas, store sales were up 16.1 per cent compared to the previous year.

The retailer also reintroduced Country Road brands Witchery, Politix and Mimco into some stores in January.

• Further reading: Myer, American Express seal loyalty partnership

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