Paul Zahra cited Nordstrom as an example, they now make 10% of revenue, but 20% of EBIT through the online store -well that would be an acceptable start.
Most importantly it sounds like they have got the high level strategy right in that they are not going to do what Myer has attempted - which is to compete with the multitude of low margin, no-name outfits, here and OS, to offer the lowest price on a poor selection of products.
Even online there is room for brand differentiation, and there are demographics who don't mind paying a little more for a qualitatively better experience, with assurance of satisfaction. Not much sign of any local competition in this segment.
DJS Price at posting:
$2.65 Sentiment: Buy Disclosure: Held