Myer annual sales lift on effective turnaround strategy

By

Benjamin Fitzgerald

Published
Sep 15, 2016

Department store Myer reported a slight rise in sales for the 2016 financial year, signalling the Australian retailer's turnaround strategy -- 'New Myer' -- resulted in an improvement in operations in just one year.

For the twelve month period ending 30 July, 2016, Myer said sales rose 2.9%, hitting $3.3 million (US$2.47 million) for the year. Revenues gained

Myer's net profit reached $69.3 million, in line with prior guidance, said the department store's chief executive officer and managing director, Richard Umbers.  

“After 12 months in our five year 'New Myer' journey we have made pleasing progress on our transformation and at the same time delivered a net profit result in line with guidance," said Umbers.

“Since August 2015 we have introduced over 850 new or upgraded brand destinations and markedly improved our customer service, particularly in our flagship and premium stores.

“Customers are also responding positively to New Myer’s digital strategy with omni-channel * Comparable store sales are on a 52-week basis, new and closed stores are excluded and sales for refurbished stores are excluded for the period of refurbishment only. 1 sales increasing by 74 percent and profit growing at a faster rate than sales,” he said.

Looking ahead, Myer will continue to improve its brand offering.
"During 2017 we will build on our wanted brands focus with the continued roll out of a number of brands including Topshop, Topman, Industrie, Mimco, and the introduction of Saba, Oroton and John Lewis homewares," said Umbers.