Myer is betting on shoppers spending big this Christmas as the major retailer reports consumers opening their wallets more since the September federal election.
The retailer reported first quarter total sales for the 13 weeks to October 26 of $691.1 million, up 0.44 per cent compared to last year.
This is in a sector where flat is the new up. The results pushed up Myer shares 3.53 per cent to $2.79 at 10.10 am (AEDT).
CEO Bernie Brookes says Myer is well positioned to make the most of Christmas and Stocktake trading.
“Whilst trading prior to the federal election was subdued, the trend improved modestly during the quarter and has been less volatile than in the months prior to the election, but continues to be patchy,” Brookes says.
“We are ready to deliver a wonderful Christmas experience across all channels with a great merchandise offering, an exciting new advertising campaign, vibrant and festive stores and a team that loves to celebrate the season with our customers.”
- Cosmetics, Youth, Womenswear and Menswear were the strongest performers during the quarter.
- Queensland, the ACT and Victoria were the best performing areas.
- Sales in Myer Exclusive Brands and concessions showed positive growth during the quarter.
- Online sales more than doubled, reflecting the significant improvements to the online store.
- Leading fashion business, sass & bide, experienced good sales growth.