The financial results of this 12-month campaign are in.
Myer has reported a 2.9% rise in sales for the 2016 financial year, raking in $3.3 billion over the period.
The result marks the first year of the New Myer turnaround strategy, with net profit of $69.3 million in line with guidance.
Comparable store sales lifted 3% in the full year, with comparable sales in NSW and Victorian flagship stores surging 5.6%.
Omnichannel sales growth outpaced all categories, increasing by 74%.
Myer chief Richard Umbers said the department store has made "pleasing progress" in its turnaround plan.
“The first year of the New Myer strategy demonstrates the complexity of our journey. The strong customer take up of our wanted brands has impacted margin and mix.
"Higher concession sales contribute to improved service and lower costs over time, but reduced gross profit margin.
“Since August 2015 we have introduced over 850 new or upgraded brand destinations and markedly improved our customer service, particularly in our flagship and premium stores.
“We still have a long way to go but we are moving in the right direction."
Umbers confirmed additional store closures not in line with the New Myer strategy.
Myer announced it will exit its Logan store in fiscal 2018 and will not proceed with a planned store in Darwin.
These are in addition to previously announced store exits at Brookside, Orange and Wollongong in fiscal 2017 and the decision to no longer proceed with planned stores at Coomera and Tuggerah.
In addition, Myer announced the decision to hand back space at stores in Cairns, Blacktown and Castle Hill in fiscal 2017.
“Our commitment to improving productivity has led to a reduction in operating costs, and we remain focused on re-shaping our store footprint, and investing in stores that align with our core customers,” Umbers said.
“In 2016 we have also invested in recruiting the specialist skills required to provide leadership and execute our strategy, significantly improving our organisational capability.
“New Myer has won the strong support of our customers, our team, our suppliers and other stakeholders. Amongst the team, the New Myer transformation has been widely embraced and the focus on execution is evident across the company,” Umbers said.
Progress on New Myer target metrics
