Australia's Myer Holdings posts best annual sales since 2005 (updated)

Myer Holdings

14/09/2023 02:01

(Recasts, adds CEO quote in paragraph 3, details from the
release in paragraphs 4-8)
       Sept 14 (Reuters) - Myer Holdings Ltd  MYR.AX  posted
its best annual sales since 2005, the Australian retailer said
on Thursday, buoyed by robust online business and increased
footfall to its physical stores. 
    Strong growth in store sales reflect the re-balancing of
revenue post lockdowns, with Myer's customer loyalty programme
accelerating the climb. 
    "Our multi-channel offer is a key strength of these results
as we capitalised on customers returning to stores after
closures in the prior year, underpinned by our leading customer
loyalty proposition in MYER one," Chief Executive Officer John
King said, adding that the retailer will still remain cautious
"given the economic uncertainty". 
    Myer, among the other brick-and-mortar retailers, has been
the hardest hit by the pandemic, with the company depending on
millions of dollars in government support.
    The high-street retailer's sales from ordinary activities
increased 12.5% to A$3.36 billion ($2.16 billion) for the year
ended July 29.
    The company reported net profit after tax (NPAT) of A$71.1
million, up 18.2% from a year-ago period. 
    On a separate note, Myer said Chief Financial Officer Nigel
Chadwick will retire from his role in early 2024, and be
succeeded by Deputy CFO Matt Jackman on Feb. 1. 
        
    
       ($1 = 1.5574 Australian dollars)
    

 (Reporting by John Biju and Aishwarya Nair in Bengaluru;
Editing by Sherry Jacob-Phillips)
 ((John.Biju@thomsonreuters.com;))