Gravitas is proud to be part of the team redining the Myer ONE program, transforming loyalty through Customer Value Management.
Rosalea Catterson – Editor, Power Retail
Sept 20, 2024
FY24: Myer Sales Suffering, Loyalty & Digital Investments Pay Off
FY24 sales are down for Myer, but the retailer is highlighting its loyal customer base and engagement as unique growth opportunities.
As reported in its preliminary results, Myer has confirmed a FY24 total sales decline of 2.9 percent to $3.26 billion with the release of its full audited FY24 results reporting.
Last year, Myer recorded its best sales in 20 years, with the retailer reporting over $3.36 billion for FY23
Group comparable sales grew 0.4 percent on last year, improving trajectory despite no discernible improvement in macro conditions…
…The Myer ONE loyalty program is now at its strongest engagement ever, at 10.4 million members, 4.4 million active customers (up 4.8 percent), and the program welcomed 706,000 new members in FY24, notably the majority (over 50 percent) being aged under 35 as Myer looks to engage a younger demographic.
“Today’s result reflects the challenging macroeconomic environment for Australian retailers,” commented Executive Chair, Olivia Wirth. “Despite the tougher trading conditions, work undertaken by the Myer team in recent years has helped stabilise the business and established a foundation for future growth. With a highly engaged customer base, a leading loyalty program, positive comparable department store sales growth and high levels of trust in the Myer brand, there are significant opportunities for growth.
“We are laser-focused on improving our profitability, performance and shareholder returns. We have commenced a comprehensive strategic review to increase Myer’s profitability and drive sustainable earnings growth. Our objective is to identify opportunities to deliver a step-change in Myer’s market position and generate strategic and financial benefits.”
Read the full article here…
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