Australia’s largest department store Myer has reported a drop in overall sales and profit in 2024, despite a jump in online purchases, compared to 2023.
In an announcement to the Australian Stock Exchange (ASX), Myer said sales for the year to December 28, were $1.592 billion, down 0.8 percent on the prior corresponding period.
It stated online sales were up 2.8 percent and represented 22 percent of total sales.
The announcement detailed a gross profit of $560m, representing a decrease of approximately $15m on the same period in 2023.
It stated Myer’s year-to-date financial performance had been impacted by a number of factors including challenging macroeconomic conditions as well as increased costs and “ramp-up complexity at the new National Distribution Centre in Ravenhall, which has delayed the realisation of expected benefits”.
Myer Executive Chair Olivia Wirth told the ASX trading during last year’s key sales events, including Black Friday, was strong, but consumers remained cautious and focused on value given persistent cost-of-living pressures.
“In challenging trading conditions for the retail sector driven by a tough macroeconomic environment, Myer’s year-to-date sales performance has been stable,” Ms Wirth said.
