Myer posts steep loss in FY20, sales drop by 15.8 percent

For the 52 weeks to July 25, 2020, total sales at Myer were down 15.8 percent to 2,519.4 million Australian dollars (1,831 million dollars), which the company said, reflected widespread store closures. The company added that comparable store sales for the year were down 3.3 percent, while group’s online sales rose 61.1 percent to 422.5 million Australian dollars (307 million dollars). The company suffered a statutory loss of 172.4 million Australian dollars (125.3 million dollars) against the net profit of 24.5 million Australian dollars reported in the previous corresponding year.