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  • Myer (MYR) has reported a 12.3 per cent total sales increase in an unaudited trading update from August 1 to January 1 despite omicron impacting trade
  • Over the five-month period, online sales were 54.3 per cent higher
  • The improved sales performance over the period resulted in improved operating gross profit, this has been offset by higher costs of doing business from the lack of JobKeeper support
  • Myer advises Omicron has had a negative impact on trading since Christmas
  • Shares were trading 6.76 per cent higher today at 39.5 cents each

Myer (MYR) has reported a 12.3 per cent total sales increase in an unaudited trading update from August 1 to January 1 despite omicron impacting trade.

The company reports sales in the lead up to Christmas were strong when not affected by lockdowns. It reported sales in the two months before Christmas were up 17.1 per cent to the previous corresponding period.

Over the five-month period, online sales were 54.3 per cent higher than the prior corresponding period, while group online sales made up 27.7 per cent of total sales, an increase of 20.2 per cent.

The improved sales performance over the period resulted in improved operating gross profit, this has been offset by higher costs of doing business from the lack of JobKeeper support

Myer advises Omicron has had a negative impact on trading since Christmas.

The company believes it will be able to successfully manage this phase of the pandemic through management’s focus on inventory, cash, and the balance sheet.

Myer expects to release its interim results in early March.

Chief Executive Officer John King said the results demonstrate the company’s strength.

“The results demonstrate the continued momentum of our Customer First Plan and the resilience of the business to overcome the initial months of lockdowns and still record significant sales growth during this period,” 8he said.

“Whilst we are seeing Omicron impact sales post Christmas, we will continue to focus on growing our strong online business, ongoing engagement across our MYER one program and disciplined management of costs and inventory.”

Shares were trading 6.76 per cent higher today at 39.5 cents each at 10.52 am AEDT.

MYR by the numbers
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