Australian department store chain Myer released a preliminary unaudited trading update for the first 16 weeks of the second half of the 2025 financial year, revealing a mixed performance across its divisions.
The core Myer business demonstrated resilience with total sales reaching 837.2 million Australian dollars, a 1.9% increase compared to the prior corresponding period, and comparable sales up by 1.5 percent. Online sales for Myer increased by 9 percent and now constitute 21.4 percent of total sales.
In contrast, the Apparel Brands segment experienced a downturn, with total sales declining by 3.9 percent to 211.2 million Australian dollars and comparable sales down by 3.7 percent. Online sales for Apparel Brands also saw a decrease of 3.5 percent, representing 16.8 percent of its total sales.
Myer Group executive chair Olivia Wirth said: “Despite challenging trading conditions that were compounded by a subdued retail environment in the lead-up to the May federal election, Myer has reported growth in its year-to-date sales.”
The company emphasised that FY25 is a year of transition, with ongoing investments in leadership, transformation, and integration capabilities to support its growth strategy.
“We are embedding Apparel Brands into the Myer Group, strengthening our balance sheet by successfully refinancing, commenced a restructure of sass & bide, Marcs and David Lawrence and have implemented an interim solution for the next peak trading period to address the challenges we faced at our new National Distribution Centre in 1H25,” Wirth added.