MYER BACK IN THE BLACK AS ONLINE SALES LIFT

Department store owner Myer has bounced strongly back to the black after a horror 2020, unveiling a $46.4m net profit. However, Myer warned that, like many other retailers in Australia, it was facing increased shipping costs caused by the pandemic’s impact on global supply chains, forcing it to turn to the expensive spot market to buy up shipping capacity.

The pandemic forced Myer to close stores for periods during the 2021 fiscal year and act to reduce operating expenses, defer non-essential services and manage inventory levels.

The retailer also announced that acting chairman JoAnne

We delivered solid sales growth when not impacted by lockdowns John King