Full Year 2024 Myer Holdings Ltd Earnings Call Transcript
Key Points
- Myer Holdings Ltd (ASX:MYR) reported a 0.4% increase in group comparable store sales for FY24, showing improvement despite challenging conditions.
- Online sales grew by 2% to $704 million, constituting 21.6% of total sales, with a 9% improvement in profitability.
- Customer satisfaction levels reached a record high of 85%, indicating strong in-store experience improvements.
- The MYER one loyalty program achieved a record year with 4.4 million active members, demonstrating strong customer engagement.
- The company maintained a robust balance sheet with $114 million in net cash, providing a platform for future growth initiatives.
- Total sales for FY24 were down 2.9% compared to FY23, impacted by store closures and challenging macroeconomic conditions.
- Net profit after tax decreased by 26% to $52.6 million, partly due to the underperformance of specialty brands sass & bide, Marcs, and David Lawrence.
- The company faced inflationary pressures, leading to a 1.3% increase in the cost of doing business.
- Shrinkage and stock adjustments remained a significant cost, totaling $46 million for the year.
- The new distribution centers are not yet fully operational, delaying expected benefits from these investments.
Thank you for standing by. Good morning. Welcome to the analyst and investor call for Myer's 2024 full-year results with Myer's Executive Chair, Olivia Wirth; and Chief Financial Officer, Matt Jackman. (Operator Instructions)
I'll now hand the call over to Olivia.
Good morning, everyone, and thank you for joining us this morning. Before we commence, I wanted to recognize the various traditional lands on which we operate our business today as well as acknowledge their elders' past, present, and emerging. For those of you who don't know me, I'm Olivia Wirth, and I was appointed Executive Chair of Myer in March with executive responsibility taking effect in June. I'll start today's presentation with an overview of the 2024 financial year from both the financial performance and operational business perspective. I'll then hand over to Matt, our CFO, who will go through the financials in more detail before I provide an overview of some initial strategic objectives of
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