I listened to Mr John King, CEO and CFO Mr Nigel Chadwick at the investor presentation from 0930 hours on Thursday 4 March 2021.
The CFO said that clearance stock had dropped to six per cent of total inventory against 13 per cent in 1H 20. This is fantastic, meaning less handling and rehandling of stock.
MYR did not need to draw down on working capital in the last six months.
Although the 3PL online processing orders agreement only commenced in part of 1H 21, its decreased costs by 15 per cent for this fast growing category of sales.
Mr King said the future plans would replicate what has been achieved at Belconnen ACT, Cairns Qld and Karrinyp WA: renovations but a smaller number of square metres. Belconnen had a sales uplift of 21 per cent yet a third less store area.
Tommy Hilfiger sales were up 46 per cent. Homewares brand Maxwell and Williams sales rose 80 per cent.
Online sales should 'grow and grow'. MYR will try new products and brands. From buying online I have to say the site is great!
MYR one is starting to regain momentum with sales 69.2 per cent of total sales; online at above 66 per cent.
MYR one had the same number of new joiners in 1H 21 as for the whole of FY20. It now has >5 million members.
MYR Price at posting:
32.5¢ Sentiment: Hold Disclosure: Held
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