Customer-first strategy turns out profitable for Myer

| March 7, 2019

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Myer CEO John King’s turnaround plan passed its first real test on Wednesday when the retailer reported a 3.1 per cent year-on-year increase in net profit after tax in the first half of FY19 to $41.3 million. While total sales fell 2.8 per cent to $1.67 billion and like-for-like sales fell 2.3 per cent in the half, King told investors he was not concerned, since the company has stopped chasing sales growth for the sake of it and is focused on increasing store profitability and growing online moving forward.Online sales were up 18.6 per cent in the half to $151.2 million, buoyed by a strong Q2, in which Myer did over $10 million in online sales over Cyber Weekend and had its biggest online sales day ever on Boxing Day.Operating gross profit margin improved 99bps to 38.5 per cent in the half, thanks to a renewed focus on exclusive brands. The company revealed that it is in the process of introducing more than 20 exclusive-to-Myer brands, most of which are international brands.

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