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Myer chief executive officer and managing director Richard Umbers has hailed the early progress of the retailer’s five-year strategy following release of its 2016 first-half results.While total sales grew 1.8 per cent year-on-year to $1.79 billion for the period, up 3.3 per cent on comparable store sales basis, net profit after tax of $59.7 million was down 4 per cent.
Myer stated that sales growth averaged 5.6 per cent in 12 Victorian and New South Wales flagship and premium stores, up 7.1 per cent on a comparable store sales basis, reflecting “the priority focus on these stores for implementation of New Myer initiatives”.
“Only months into the first year of our five-year strategy, we are pleased with the early progress and positive customer response to initiatives delivered under the New Myer strategy, particularly in our flagship and premium stores,” Umbers commented.
“Our first wave of initiatives to deliver wanted brands, enhanced customer service and an improved omni-channel experience have helped deliver comparable store sales growth of 7.1 per cent across 12 Victorian and New South Wales flagship and premium stores.
“This is a very encouraging result. We have a significant pipeline of further improvements and the team has a strong focus on execution.”
Among Myer’s initiatives, Umbers noted that the retailer has invested to lift customer service, prioritising its flagship and premium stores, delivering “well above-average sales growth”, and also pointed to an enhanced omni-channel offering.
“The online business delivered strong revenue growth of 70 per cent on the prior year, with the growth in profitability exceeding sales growth,” he commented. “This impressive performance results from our focus to deliver an improved omni-channel experience, including an expansion of the in-store iPad service, strong take-up of click and collect and upgrades to the myer.com.au site.
“The recent launch of the Myer eBay store, which includes over 20,000 products, further extends the reach of the Myer brand, with seven out of 10 Australian online shoppers already using eBay.”
Myer has revised its 2016 full-year net profit after tax guidance range to between $66 million and $72 million (previously $64 million and $72 million), which it states excludes implementation costs associated with New Myer.
