So David Jones sales results were more or less flat over the half. Amid several store closures and renovations of their flagship Sydney store, their comparable store sales fell 0.4%. But they saw strong online growth of 61.8%. Online sales rose to 10.4% of their total sales.
Back in September, Myer's online sales were already around 10% of total sales. That hopefully would have increased since then, particularly in light of the gangbuster Black Friday/holiday sales period we just had.
Since the last half, I feel as though Buy Now Pay Later services have exploded into the mainstream. Hopefully more awareness of Afterpay as a payment option has helped drive even more traffic through Myer online.
If John King’s continued cost cutting measures have once again been effective, he might just pull off another half year profit announcement. I guess we'll just have to wait and see.
MYR Price at posting:
38.0¢ Sentiment: Hold Disclosure: Held
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