Myer Holdings Limited has reported a -9.4% drop in online sales in the first half of FY23 (July 31 to December 31, 2022), with store sales up by 37.9%.
The Group’s online sales took up 20.1% of the company’s total sales, with total sales up 24.8% on the period corresponding period.
In comparison to prior corresponding periods not affected by COVID-19, total sales were up 18.9% compared to first half of FY20, and up 14.3% on the first of FY19.
Department store total sales were up 8.7% in the six weeks to December 24, 2022, compared to last year. This is cycling store closures seen in the first quarter of FY21, as well as the Omicron wave through Christmas and stocktake sale in the second quarter.
The Group’s online sales also cycled these impacts, and despite the drop in the first half of FY23, its sales were reportedly up 39.9% on the corresponding five months in the first half of FY21.
Myer said trading from the Stocktake sale period has continued to outperform the prior corresponding period, which was impacted by Omicron.
The company expects its first half FY23 NPAT to be between $61 and $66 million, up between 89% and 104% over prior corresponding period. Compared to pre-COVID (1H FY20), this is up between 54% and 67%, noting that the Stocktake sale period is continuing and Myer’s interim reporting period concludes on 28 January 2023.
Myer CEO John King said the results are pleasing and reflect improved profitability within the business.
“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,” King said.