ONLINE HAS MYER BACK IN THE BLACK
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.
The pandemic forced Myer to close stores for periods during the 2021 fiscal year and act to reduce operating expenses, defer nonessential services and manage inventory levels.
The retailer also announced that acting chairman Joanne Stephenson had been appointed chairman and Ari Mervis had joined as a director.
The accounts show Myer was profitable in the second half for the first time since 2017. Myer produced a profit of $46.4m, with sales up
5.5 per cent at $2.66bn.
The result is a big turnaround from 2020, when impairments and other oneoff hits caused a net loss of $172.4m. In 2019, Myer recorded a profit of $24.47m.
Online sales rose 27.7 per cent to $539.5m, with online now representing 20.3 per cent of total sales.
Myer said it booked
Jobkeeper income totalling $50.7m. No final dividend was declared.
Myer chief executive John King said the return to profit underlined that the company was starting to see the business thrive.
“We delivered solid sales growth when not impacted by lockdowns,” he said.
Myer shares surged
16.7 per cent, or 8.5c, to 59.5c on Thursday.