Chief executive John King, who was appointed in April 2018 to try and revitalise the group amid strident criticism from
But the tiny dividend paid out of a relatively small profit provides a reminder of what Myer, which has a market capitalisation of just $400 million, has become and must continue to be.Myer might have a legacy as one of the titans of Australia’s retail sector, but its best hope lies in King’s strategy oflockdowns robbed Myer of 23 per cent of its in-store trading days
Online as a percentage of total sales rose from 20.6 per cent to 27.9 per cent during the period, with strong growth across womenswear , menswear , and homewares .Clearly, the combination of lockdowns during the delta wave and the disruptions caused by omicron have given online sales an extra lift. And it is hard to get a sense of just how profitable online sales are; dealing with online volumes was the major factor in a 4.3 per cent rise in costs during the period.
The program has 3.5 million active members who have shopped in the last 12 months, and lifted its “tag” rate by 60 basis points to 70 per cent in the first half.
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