Myer’s Online Sales Boom As Expected Profits Reach $55 Million
After a recent jump in online sales numbers, Myer is now on track to profit anywhere between $55 million and $60 million in 2022, with overall sales expected to narrowly miss $3 billion by year’s end.
The margin after tax would mark Myer’s most successful year since 2017, where it managed a whopping $67.9 million, and an increase of between 86 and 103 per cent over their 2021 earnings.
Online sales for the company make up almost a quarter of its total sales, and are expected to bring in between $715 million and $725 million. Based on current amounts, Myer’s total sales for the year could land anywhere between $2.85 billion and $2.995 billion.
Despite reported supply chain issues, Myer reported stock in hand levels 9.6 per cent higher than this stage in 2021.
Myer CEO and managing director, John King, stated that the company saw growth in all areas in 2022. “The momentum in the second half in terms of sales growth both in-store and online, profitability and strengthening of our balance sheet places us well as we go into the new financial year.”
Myer’s media account is currently held by Essence, part of WPP’s GroupM, after renewing their partnership earlier this month and solidifying a 12-year relationship.
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