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Myer back into the black in FY21, sales rise 5.5 percent

By Prachi Singh

16 Sep 2021

Business

Image: Myer, Facebook

Total sales at Myer for FY21 were up 5.5 percent to 2,658.3 million Australian dollars, which the company said were held back by forced store closures.

Group’s online sales rose 27.7 percent to 539.5 million Australian dollars; 20.3 percent of total sales. Comparable total sales for the year increased 0.9 percent with 8.4 growth in the second half of 2021.

Commenting on the group’s performance, Myer’s chief executive officer and managing director, John King, said in a statement: “This result is a testament to the hard work of our team, and we are starting to see the business thrive despite the extraordinary market conditions. Our significantly improved FY21 results, including growth in profitability for both the first and second half, demonstrates the Customer First Plan is getting real traction.”

“The business is well placed ahead of the upcoming peak trading period and the teams are focused on remaining agile in response to the various state-based lockdowns and travel restrictions,” King added.

Myers returns to profit in FY21

The company added that operating gross profit (OGP) rose 10.2 percent to 1,055.7 million Australian dollars. EBITDA was up 27.7 percent to 390 million Australian dollars, while EBIT increased 117 percent to 170.5 million Australian dollars.

Net profit after tax reached 51.7 million Australian dollars, while statutory profit after tax was 46.4 million Australian dollars, up from a statutory loss of 172.4 million Australian dollars.

Myer announces board changes

Myer has also announced that JoAnne Stephenson has been appointed chairman of the board. In addition, Ari Mervis will join the Myer board with his appointment effective from September 20, 2021.

Mervis’ executive career included more than 25 years with SABMiller plc including nearly 10 years as managing director of the Asia Pacific region. He was responsible for the acquisition and integration of Carlton and United Breweries by SABMiller as chief executive officer, whilst retaining responsibility for the AP region. Mervis is now a non-executive director and chairman of McPhersons Ltd.

Commenting on Mervis’ appointment to the board, Myer Chairman, JoAnne Stephenson said: “Ari brings global experience spanning a range of industries in branded goods and consumer staples bringing deep understanding of consumer markets. With his executive experience in driving sustainable top-line growth, cost reduction and unlocking value through portfolio optimisation, Ari will bring valuable insights to the Myer board and business.”