The closures caused the company to lose 27% of its shopping days, but it grew revenue.
Despite the country’s strict restrictions, Myer, Australia’s largest department store chain, reported a doubling in online sales over the past five months. Despite the closures, the company still increased revenues during the reporting period, writes Business of Fashion.
The company’s pre-holiday sales rose by more than 17% despite the Omicron spread along Australia’s east coast. Consumer sentiment in Australia dropped 2% in January amid a more cautious approach to spending.
As we witness Omicron’s impact on sales after Christmas, we will continue to focus on growing our solid online business, enhancing our Myer One loyalty program, and disciplined spending and inventory management,” King said.
Over the past five months, online sales through Myer’s channels grew 54.3% year over year. The retailer’s overall sales mix includes 27.7% online, compared to 20.2% a year ago.
The company’s CEO also noted that despite the increased gross profits, the company faced rising business costs, including the government’s reduction in business support programs. The retailer will publish full financial results for the first half of the year in March.
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