Myer has recorded growth in all categories over the year, despite more trading days lost to COVID-19.
In a trading update for the 52 weeks to July 30, the department store expected sales to grow by up to 12.7% to $3 billion compared to the same period last year.
The result has been accelerated by online sales growth of up to 34.4% for FY22 to reach $725 million.
Net profit is expected to be between $55 million and $60 million, an increase of between 86% and 103% if JobKeeper is excluded from the prior year.
For FY21, results included JobKeeper support of $22 million after tax.
Myer CEO John King said the department store is on track to deliver a strong result.
“Execution of the Customer First Plan continues to deliver positive outcomes for the business with all categories achieving sales growth over FY21, despite more trading days lost due to COVID this year.”
Myer expected to finish FY22 with a positive net position of more than $155 million, compared to $112 million at the end of FY21.
In response to global supply chain issues, the business’ store stock in hand levels is 9.6 per cent higher than at the same time last year.
Clearance inventory is at 6.2% of current department store stock on hand.