Myer’s Online Sales Boom As Expected Profits Reach $55 Million

Melbourne, Australia - December 26, 2016: Three ladies enter the Myer store at Bourke Street Mall. The department store was open for Boxing Day sales.
SHARE
THIS



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.

Please login with linkedin to comment

Myer

Latest News

Why Are We Still Banging Our Heads Against The Glass Ceiling?
  • Media
  • Opinion

Why Are We Still Banging Our Heads Against The Glass Ceiling?

In this guest post, Azadeh Williams, the founder and managing director of AZK Media. Candidly shares with B&T how she’s gone up against the glass ceiling and what she has learned. Williams (main photo) has consistently been recognised as B&T’s Women in Media and Women Leading Technology. She’s a force within the industry, with a […]

InsideOut PR Wins Prestige InHome Care Account
  • Media

InsideOut PR Wins Prestige InHome Care Account

Sydney PR agency InsideOut PR has been appointed for Prestige InHome Care, an in-home aged care service with a focus on media relations. InsideOut PR worked with Prestige Inhome Care back in 2013 and again in 2017 launching their public relations and advertising program; and supporting their growing profile in the market. Founder and CEO […]

We Are Social Names Susie Hogarth As Global Head Of Cultural Insights
  • Technology

We Are Social Names Susie Hogarth As Global Head Of Cultural Insights

We Are Social is bolstering its cultural insights offering with the promotion of Susie Hogarth (lead image) to the role of global head of cultural insights. Hogarth, the former senior research and cultural insights director for We Are Social UK, takes over the global role from Lore Oxford who has left the company. Hogarth will […]

Blockheads Rejoice! The Official Block Podcast Is Here
  • Media

Blockheads Rejoice! The Official Block Podcast Is Here

In the wake of The Block returning on Sunday night, 9Podcasts has announced the launch of The Official Block Podcast, hosted by Shelley Craft. The new production will run alongside the 18th season of The Block, in which five teams must each build a 500-square metre homestead, with a room reveal every Sunday night. The […]

Behaviour Change – Expecting The Unexpected
  • Marketing
  • Partner Content

Behaviour Change – Expecting The Unexpected

Here's pro tips for brands looking for behavioural change. Could possibly also work on lazy, cleaning-phobic partners.

Partner Content

by B&T Magazine

B&T Magazine
TBWA\Melbourne, Thinkerbell & More Announced As Finalists For The Rigg Design Prize 2022
  • Media

TBWA\Melbourne, Thinkerbell & More Announced As Finalists For The Rigg Design Prize 2022

The first major exhibition of advertising and communication design in the NGV’s history, The Rigg Design Prize 2022 highlights the creativity underpinning the work of eight leading Australian-based agencies. For the exhibition, each agency will develop a suite of campaign assets – including billboards, street posters and moving image – to celebrate how creativity can […]

Queen Charles Launches In Sydney, Aiming To Shake Up The Consultancy Market
  • Marketing

Queen Charles Launches In Sydney, Aiming To Shake Up The Consultancy Market

After 11 months of quietly building up their new business Queen Charles, Alex Carr (pictured, left) and Jon Kelly (pictured, right) have finally found enough time to launch their brand and experience consultancy to the wider market. Based in Sydney, Queen Charles aims to help businesses of all shapes and sizes consistently stand out and […]

Michael Bass Named New Chief Trading Officer For Dentsu APAC
  • Media

Michael Bass Named New Chief Trading Officer For Dentsu APAC

Dentsu International has announced the appointment of Michael Bass (pictured) as chief trading officer, media, Dentsu Asia Pacific. With over 20 years’ experience, Bass’ career has included a range of senior investment and trading roles across the media sector. Bass spent seven years at IPG Mediabrands as trading director of Initiative and subsequently moved on […]