Myer has seen continued sales growth across in-store and online, with 2H of FY22 outpacing pre-COVID levels as momentum continues.
The continued growth is supported by its Customer First Plan, which the Australian company launched in 2018.
The plan stretches across its omnichannel operations, between online and in store, and through its loyalty program Myer one.
Myer saw total sales growth of 12.5% to $2,989.8 million despite 11.4% of in-store trading days in lockdown. It also saw comparable sales growth of 15.0% underpinned by strong sales performance in both online and physical stores.
This includes the company’s best 2H profit result “in nearly 10 years.”
Myer CEO John King welcomed the results, saying they indicate how its Customer First Plan continues to deliver and continues to gain momentum.
“We have delivered strong growth in FY22 with strong momentum building across both online and in particular stores, underlining the strength of our multi-channel offer,” King said.
“Importantly, the second half sales growth of 16.8% has translated into our highest 2H NPAT in almost ten years.”
For the second half, Myer reached an NPAT of $27.9m, which is the highest since 2H13, and 219% higher than 2H21.
For FY22, Myer’s NPAT hit $60.2 million, an increase of $30.7 million or 103.8% if JobKeeper support is excluded from prior year.
Group online sales grew 34.0% to $722.8 million in FY22, with this growth out-pacing average Austalian non-food retail online sales, according to ABS statistics.
Speaking of its online portfolio, King said: “The continued investment in experience, expanded range and importantly the launch of our state-of-the-art National Distribution Centre in FY23 will see this continue to be a strength.”
Through its Myer one loyalty program, as well as recently announced partnerships, the company expects further customer growth.
For FY22, Myer One acquired 593,000 new customers, mainly in younger demographics, with 3.7 million active customers in the last 12 months.
According to the report, Myer one continues to accrue, hitting a record 71.3% tag rate across all transactions.
Myer also said that its loyalty program is “one of Australia’s largest,” with Myer one harnessing 6.6 million digitally contactable members.
New partnerships with Commbank points + pay and a newly announced Virgin partnership is expected to further its customer acquisition, revenue and engagement opportunities.
In other news, Myer also saw implementation costs and individually significant items of $11.2m (post tax), which it attributed to space reduction costs under the Customer First Plan.
Myer also shared a current trading update, noting that in the first six trading weeks of FY23, the company has seen continued sales growth up 74.8% against FY21, leading to its “best sales start to a financial year since 2006.”
From this, King said Myer is “well-placed” for continued growth into FY23.
“Despite the broader economic uncertainty, we are well-placed with the right value based proposition of affordable and aspirational brands, a performing store and online offer underpinned by a leading loyalty program providing greater value and choice for our customers.”