Omicron hits Myer (ASX:MYR) post Xmas despite strong sales prior

Company News

by Lauren Evans

Myer (ASX:MYR) reported an increase in total sales thanks to a strong demand in the lead up to Christmas while Covid-19 hit sales after Christmas. 

Total sales from August last year to January this year rose 12.3 per cent compared with the same prior period. Online sales jumped 53.4 per cent, accounting for 27.7 per cent of the group’s total sales and up from 20.2 per cent in the corresponding period. 

Meanwhile, the retail giant said the omicron outbreak has had a negative impact on trading since Christmas.

“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,” said Myer’s CEO John King.

Shares in Myer (ASX:MYR) are trading 2.7 per cent higher at $0.38. 

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