Australian News / 25 January 2023
Myer’s mega result
Retail analysts have long talked of the death of the middle-of-the-road department store, but Myer is bucking the trend after posting its strongest sales result in almost 20 years. Myer boss John King said sales between August and December last year jumped 24.8% on the previous year, and the company’s first-half profit is forecast to reach +$60 million – up 89%, going higher than pre-pandemic figures. But it wasn’t all chirping cash registers… Myer’s online transactions fell 9.4% to account for 20.1% of the retailer’s total sales as Aussies returned to IRL shopping. Analysts say retail spending on fashion and beauty has been strong thanks to life getting back to normal, but some warn that cost of living pressures could bite in 2023. King says the company feels cautious but confident, which is a very 2023 vibe…
Know someone who'd be interested in this story? Click to share...
The Squiz Today
Your shortcut to being informed, we've got your news needs covered.
Also Making News
Get the Squiz Today newsletter
Quick, agenda-free news that doesn't take itself too seriously. Get on it.