What Post-Election Boom? Myer’s Marginal Sales Lift

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Myer sales up 0.44% to $691.1m in Q1The department store’s first quarter sales showed just a marginal rise, despite all the talk about multi-channeling, online and five point plans. 

Cosmetics, womenswear and menswear were the strongest performers in the first quarter, with the better than expected success of the Seafolly swimwear range, in particular.  

Online sales more than doubled during the sales period of 13 weeks to 26 October, attributed to improvements to Myer.com.au site, and its back end infrastructure. 
CEO Bernie Brookes said the result was “solid” considering 3 of Myer’s top 20 stores were undergoing refurbishment. 
Although trading is better following the election, it continues to be “patchy”, he admitted. 
‘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”. 
Several retail bosses, including Woolies CEO Grant O’Brien, agree, saying the post election boom was yet to pass. 
Brookes said Myer is preparing to “deliver a wonderful Christmas experience across all channels,” and is confident the retailer’s new online fulfilment store with 15,000 of its best selling SKU’s can meet peak trading demand and boost online capabilities.
New brands including Bang & Olufsen, Orla Kiely homewares and Nike shop-in-shop were launched during the quarter.
Qld, ACT and Victoria were the best performing states for Myer. 
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