Australia’s largest department store chain Myer Holdings is expecting total sales for the first half (H1) of fiscal 2024 (FY24) to be down 3 per cent as compared to H1 FY23 to $1,829.1 million, but 13.8 per cent higher than pre-COVID times in H1 FY20.

The group online sales is expected to be $390.1 million, an increase of 2 per cent on H1 FY23 and representing 21.3 per cent of total sales. The company expects comparable sales to be up by 0.1 per cent in H1 FY24. The marginal increase in the group comparable sales demonstrates the strength of the improved customer value proposition under the Customer First Plan. This has been achieved despite the challenging trading conditions compared to the prior corresponding period when a record sales performance was achieved, the company said in a press release.

Myer anticipates releasing its H1 FY24 results during March 2024, following the completion of financial close procedures, board approval and completion of the half year review by the company’s auditors. The board has been undertaking a comprehensive search for a new chief executive officer and will update the market on progress in due course.

“To match our best first half sales result on record, on a comparable sales basis, is an encouraging result given the current economic environment. Like many retailers, we have had to contend with inflationary pressures and greater promotional cadence, which has had an impact on profits,” said Myer CEO, John King.

“Our focus remains on seeking to drive further and sustainable cost efficiencies and inventory management. “We expect the consumer to remain cautious in the second half of FY24 but believe we remain well positioned with the strength of our leading loyalty programme, our national distribution centre starting to scale and the continued roll out of successful brand extensions and new additions,” added King.

Fibre2Fashion News Desk (RR)

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