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Myer enjoys MASSIVE rise in profits after receiving $51million in jobkeeper payments from government

Retailer Myer has posted a massive lift in interim profit after a surge in online sales during the COVID-19 pandemic helped offset a fall in foot traffic.

Net profit for the first half of 2020/21 was $43million, up 76.3 percent, compared to the previous corresponding period.

Once restructuring costs, floor closures and brand exits are taken into account, the department store operator’s profit was still up by a healthy 8.4 per cent.

Despite a lack of foot traffic in Myer's stores the boost in online sales has lead to a lift in interim profits

Despite a lack of foot traffic in Myer's stores the boost in online sales has lead to a lift in interim profits

Despite a lack of foot traffic in Myer’s stores the boost in online sales has lead to a lift in interim profits

During the half-year, online sales rose 71 percent to $287million compared to a 13.1 per cent fall in total group sales of $1.4billion.

Online sales now represented 21 percent of Myer’s total sales, CEO John King said on Thursday.

‘The strengthened balance sheet provides a solid platform for investing in our digital growth engine, which represents a significant opportunity,’ he added.

Myer has been able to retain staff despite the lack of foot traffic due to $51million in jobkeeper payments

Myer has been able to retain staff despite the lack of foot traffic due to $51million in jobkeeper payments

Myer has been able to retain staff despite the lack of foot traffic due to $51million in jobkeeper payments 

While the impact of COVID-19 on the retailer’s business was undeniable, Mr King said Myer was able to retain staff after getting $51million from the federal government’s pandemic-driven JobKeeper wage subsidy program.

The money was paid out to workers in August and September.

Source: Daily Mail Australia | World News

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